Bloomberg Tax Introduces New ASC 606 Solution to Help Companies Navigate Complex Revenue Recognition
Arlington VA, June 19, 2018 — Bloomberg Tax today announced a new SaaS technology solution supporting the ASC 606 revenue recognition standard. Leveraging software on its Advantage™ platform, Bloomberg Tax introduced the ASC 606 solution to help companies comply by automating revenue recognition processes to increase efficiency and productivity.
The ASC 606 standard provides companies with a uniform framework for recognizing contract revenue. Public companies have to comply with the ASC 606 standard for annual reporting periods after December 15, 2017, but private companies will have to comply after December 15, 2018. Affecting firms in a broad spectrum of industries, including franchises, healthcare, construction, real estate, manufacturing, and technology, ASC 606 presents new complexities surrounding accurate and timely reporting of GAAP revenue.
“The ASC 606 solution from Bloomberg Tax is a natural extension of our expanding GAAP solution set that includes fixed and leased assets accounting software. Our ASC 606 solution solves for rules around complex contracts and leverages proven amortization calculations from our flagship fixed assets product,” said Ken Crutchfield, Vice President and General Manager of Bloomberg Tax Technology.
Available now, Bloomberg Tax’s new ASC 606 solution provides industry professionals with:
- Centralized financial control, automation, and an audit trail for revenue recognition
- Flexible reporting methods and on-demand forecasting that help identify changes to contract components and their impact on revenue recognition
- The ability to create journal entries that facilitate booking adjustments to accounts
- Data import into ERP systems to further streamline revenue management and maintain internal controls
The ASC 606 solution provides helpful, automated workflows that incorporate calculations to ensure the proper accounting of revenue ─ particularly in situations where complex rules exist to manage contracts that change over time.
To learn more about Bloomberg Tax’s ASC 606 solution, visit www.bloombergtaxtech.com/asc606.
About Bloomberg Tax Technology
Bloomberg Tax Technology offers expert software solutions to tax and accounting professionals that include a robust corporate tax suite running on our Advantage™ platform. Advantage delivers a comprehensive view of taxes from every vantage point for accurate analysis and strategic clarity. With a category-leading set of software solutions and top-rated technical support, we are the perfect partner for organizations of every size. More than 70,000 customers depend upon Bloomberg Tax Technology for the highest degree of tax, regulatory, and compliance expertise available in the market.
About Bloomberg Tax
Bloomberg Tax provides comprehensive global research, news, and technology services enabling tax professionals to get the timely, accurate, and in-depth information they need to plan and comply with confidence. Our flagship Bloomberg Tax platform combines the proven expertise and perspectives of leading tax practitioners in our renowned Tax Management Portfolios™ with integrated news from the industry-leading Daily Tax Report®, authoritative analysis and insights, primary sources, and time-saving practice tools. Bloomberg Tax technology solutions on our proprietary Advantage platform help professionals simplify complex processes to better control risk and maximize profitability. For more information, visit https://www.bna.com/tax.