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Within the Five-Step model, Step 4 of ASC 606 and IFRS 15 requires an allocation of the total consideration in a contract, which your company is entitled to collect for each distinct performance obligation. Standalone Selling Price: What is SSP, why is it needed, and how is it determined?
Assets, Liabilities, Equity, Revenue, and Expense accounts) from multiple generalledger systems, and mapping it to a centralized chart of accounts. Consolidating the data following specific financial accounting rules and guidelines, such as U.S. GAAP or International FinancialReporting Standards (IFRS).
Event-based revenue recognition is fully integrated with the GeneralLedger and the recognition data is stored in the same location as cost and revenue data. With Universal Parallel Accounting, you can benefit from the flexibility of the parallel ledgers not only in GeneralLedger Accounting but also in various subledgers.
Adaptive is one option companies use for modeling, budgeting, forecasting, and financialreporting. In addition to offering financial and sales planning solutions, Workday Adaptive also caters to workforce and operational planning needs. Automated reporting also enforces compliance with GAAP and IFRS standards.
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