I'd like to share some of my experiences helping customers adopt and implement ASC 606 and IFRS 15. We'll keep it anonymous and stay away from negativity, and I hope you find it interesting.
The FASB & IASB don't want anyone interpreting the standard, because they want it to be applied evenly around the world and in all industries - interpretations for this country or that industry would corrupt the intention. So my outline here should not be understood as an interpretation. It is an attempt to identify the key things that need to be done in order to comply with the standard in a straightforward, ongoing way.
The document does not dive deeply, and glosses over many issues. It does identify the main ASC 606 and IFRS 15 processes that you might like to automate.
With Oracle's Cloud service, balancing inter-company (ownership updates) with intra-company (all other updates) is dramatacally improved over EBS, and needs a skill set that goes back to the days before EBS! Check out this document for an approach that works and speeds the close!
Inter- and Intra- company Company with Multible Balancing Segments
This document is also available at Ask Oscar dot net
