Ventana Research Analyst Perspectives

Workiva’s Wdesk Supports Expanded ASC 606 Disclosures

Posted by Robert Kugel on Sep 6, 2017 1:23:32 AM

Workiva’s Wdesk, a cloud-based productivity application for handling composite documents, will have a larger role to play as companies adopt new revenue recognition standards governing accounting for contracts. The Financial Accounting Standards Board (FASB), which administers Generally Accepted Accounting Principles in the U.S. (US-GAAP), has issued ASC 606 and the International Accounting Standards Board (IASB), which administers International Financial Reporting Standards (IFRS) used in most other countries, has issued IFRS 15. The two are very similar, and both will enforce fundamental changes in accounting for contracts.

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Topics: close, closing, XBRL, CFO, Document Management, SEC, 10Q, SEDAR, Composite document