Revenue Recognition

Zuva helps accounting firms and their clients adapt to changes in accounting standards, including IFRS 15 and ASC 606, which establish standards for recognizing revenue from contracts with customers.

The smart fields in this group are optimized for use on service, supply, distribution and license agreements.

In addition to common fields such as, title, parties and date, the 51 fields included in this group include (but are not limited to):

  • Performance Obligation - Services
  • Performance Obligation - Supplies, Purchases and Sales
  • Minimum Purchase Amounts
  • Discounts
  • Recalls
  • Liability on Termination

The 6 answers smart fields in this group include (but are not limited to) the following:

  • Does this contract renew automatically?
  • Does this contract contemplate payment of a non-refundable amount?• Does this contract contain an inflation adjustment?

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