Essential Contract Revenue Knowledge on ASC 606 & IFRS 15 for Microsoft Dynamics AX
Revenue is perhaps one of the most important financial measurements for those responsible for accounting or users of a Company's financial statements. Failure to accurately report revenue can prove disastrous to a Company's financial valuation and could significantly impede a fast growing company from gaining access to capital from either public or private markets.
This whitepaper provides background information for businesses using Microsoft Dynamics AX related to the new revenue accounting standards and educational awareness of the new 5 Step Revenue Recognition Model provided by the standard Boards to implement ASC 606 and IFRS 15.
- The emerging class of middleware known as ERLM or Enterprise Revenue Lifecycle Management;
- Industry-specific issues that fall under ASC 606 Revenue from Contracts with Customers;
- Implementation recommendations for more effectively managing contract, billing, and revenue recognition requirements.