The ASC 606 revenue recognition standard affects all entities—public, private, and not-for-profit—that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets. In order to adopt the ASC 606 revenue recognition regulatory standards, companies need to have their revenue related to transactions, requiring their reference data and master data to be consolidated and integrated.
One of our healthcare client’s had a major challenge in adopting the ASC 606 standard because of their diverse revenue data platform combined with no uniformity in their revenue data standards.
Y&L professionals developed an Enterprise Data Management (EDM) solution and Data Governance strategy that helped our client:
- Follow uniform policies and procedures for their data integration methodology
- Utilize Master-data & Metadata management tools and procedures
- Implement data quality standard procedures
- Follow data architecture standards
- Implement an Enterprise Revenue Data integration platform
This initiative enabled our client to comply with ASC 606 standards.