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Search, tag & extract over 100 different data fields for ASC 606 and IFRS 15 automation. You can tag future events, such as critical dates, performance obligations & more.
Convert data into GAAP-ready journal entries automatically. Fully compliant with FASB ASC 606 and IASB IFRS 15 guidelines with comprehensive functionality.
Create a modern workflow that enables Deferred Revenue, Sales Liability, Recurring Revenue & other key metrics. Save time & money on compliance projects.
Changes to the balance sheet may affect contractual agreements or debt covenants. Organizations should work with lenders through the normal course of business to amend debt agreements, if necessary, before the standard is adopted to avoid losing access to financing.
The adoption effort revealed that for many companies, centralized access to all sorts of contracts—leases, revenue contracts, vendor contracts, and many more—is typically rare. These siloes can lead to missed opportunities.
Technology Could Slow Pace of New Accounting Rules, Regulators Say
"FASB Chairman (Russ Golden) said he was ‘disappointed’ that many software companies weren’t ready for lease-accounting rules."
CFOs can lead an innovation agenda around AI by showing stakeholders how investments can translate into value, whether that’s topline growth or some type of bottom-line efficiency.
The task is arduous and complicated: Accountants are scouring thousands of bills and contracts to determine if they must change. Tech departments are upgrading their systems and investing in expensive new software as they work to ensure their increasingly automated finance operations can keep up.
See how Smrt can help you streamline your accounting with AI.
According to a recent US business census, there were 5.8 million businesses registered in the USA. This includes everything from a 1-person marketing freelancer to Fortune 100 Company.
Under ASC 842 (and GASB 87 and IFRS16) you will need to collect those data points, along with options, escalations, CPI, incentives, allowances, improvements and other risk factors.
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