Commission expense recognition (ASC 606 / IFRS 15)
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The US Financial Accounting Standards Board and the International Accounting Standards Board amended their guidelines to converge to common standards on revenue and cost recognition. Under ASC 606 / IFRS 15, any company that used to expense commissions now has to treat commissions paid for contracts longer than one year in duration as incremental costs of obtaining these contracts. This requirement poses various commission expense accounting challenges.
Learn how Commission Expense Recognition (ASC 606 / IFRS 15) automates key business processes to ensure compliance with accounting standards. Access this solution sheet to get more details.