U.S. businesses have been subject to financial reporting regulations for more than 80 years. ASC 606 is one of the latest and will have a particular impact on SaaS businesses.
Revenue recognition has never been easy for SaaS companies without the right accounting and subscription management in place, but the new rules could add another layer of complexity to an already troublesome area. The standards will affect private companies starting this December (public companies are already subject).
That means the time is now to ensure your revenue recognition is in accordance with current and new guidelines.