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Bloomberg Tax has introduced an ASC 606 application which supports the revenue recognition standard. The product is available on the company’s cloud-based Advantage platform.

The application is described as providing centralized financial control, automation, and an audit trail for revenue recognition. It also offers flexible reporting methods and on-demand forecasting along with the ability to create journal entries which canfacilitate booking adjustments to accounts.  

In addition, it manages and reports on modifications to amortization calculations. Data import for ERP systems is also provided.

“Our ASC 606 solution solves for rules around complex contracts and leverages proven amortization calculations from our flagship fixed assets product,” Bloomberg Tax VP Ken Crutchfield said in a prepared statement.

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