Industry Analysts say Wdesk will play a large role as companies adopt new revenue recognition standards
Excerpt from "Workiva’s Wdesk Supports Expanded ASC 606 Disclosures," a blog by Robert Kugel, Industry Analyst for Ventana Research.
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.
Wdesk competes with other disclosure management applications as well as manual approaches that utilize personal productivity software such as Microsoft Office. The additional disclosure requirements of the new contract accounting standards underscores the value of using an application to manage their production. Using composite document management software to automate and control the creation of composite documents for external or internal users can substantially cut the risks of errors and missed deadlines. This software can be used broadly to address multiple regulatory and legal requirements in the finance, legal, internal audit and other departments.
"I recommend that companies that create composite documents, and especially their finance and legal departments, automate their production and investigate whether Workiva Wdesk will address their requirements."
For the latest information and news, visit The Workiva Newsroom.