Why Product Managers Should Become Best Friends with Finance Team

ASC 606 is the new revenue recognition standard that affects all businesses that enter into contracts with customers to transfer goods or services — public, private and non-profit entities. Both public and privately held companies should be ASC 606 compliant now. In the past, revenue recognition standards differed between the generally accepted accounting principles (GAAP) in the United States and the global provisions set by the International Financial Reporting Standards (IFRS). It was universally acknowledged that these rules needed to evolve due to varying ways they were being applied and loopholes they created, so the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) launched a joint initiative to better align these standard practices globally, which resulted in the 2014 publication of the new “Topic ASC 606: Revenue from Contracts with…

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