Software Companies Still Navigating the New ASC 606 Standards

Posted by Carrie Augustine, CPA, NetSuite Software Industry Principal
With the deadline passed, organizations are still using technology and automation to support ASC 606 compliance.
ASC 606, the new revenue-recognition standard, is the most significant accounting change since the introduction of Sarbanes-Oxley. One of its primary goals is to harmonize US and international revenue recognition standards under a new principals-based model, simplifying revenue recognition.
What looks simple on paper is of course often complicated in practice. Many software companies have found that the transition to ASC 606 has complicated their revenue-recognition policies while raising questions about their ability to fully comply with the new standard.