5 Common Revenue Accounting Challenges

Managing bundled contracts with a combination of products and services with varying delivery schedules can become complicated. Tracking these factors manually is a significant task and can lead to errors when recognizing revenue.

To help standardize the process of revenue recognition, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) jointly issued a uniform framework and 5-step process for recognizing revenue from contracts with customers.

This white paper breaks down the key challenges within the 5-step framework and explains how automation and flexibility help overcome these challenges.