ASC 606 Insights

What is ASC 606?

ASC 606, Revenue from Contracts with Customers, is an accounting standard issued by the Financial Accounting Standards Board (FASB). It provides a framework for recognizing revenue for all contracts with customers. It is commonly used by companies to determine when and how to recognize revenue, ensuring consistency and comparability across industries. The core principle is to recognize revenue when a company transfers goods or services to customers in an amount that reflects the consideration the company expects to be entitled to in exchange for those goods or services.

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What other technologies are related to ASC 606?

ASC 606 Competitor Technologies

IFRS 15

IFRS 15 is the international accounting standard equivalent to ASC 606, both covering revenue recognition. They are alternatives to each other.

mentioned alongside ASC 606 in 20% (134) of relevant job posts

ASC 606 Complementary Technologies

NetSuite

NetSuite is an ERP system that can be configured to comply with ASC 606, thus aiding in the implementation and reporting required by the standard.

mentioned alongside ASC 606 in 0% (215) of relevant job posts

Microsoft Excel

Microsoft Excel can be used to perform calculations and analysis related to ASC 606 compliance, acting as a tool for implementation.

mentioned alongside ASC 606 in 0% (486) of relevant job posts

Salesforce

Salesforce, as a CRM, can provide data relevant to revenue contracts and help manage customer relationships, which are essential for ASC 606 compliance.

mentioned alongside ASC 606 in 0% (173) of relevant job posts