Assistance with transition to new revenue recognition guidance ASC 606
We help companies analyze and implement their transition to ASC 606 “Revenue From Contracts With Customers”. ASC 606 is effective for annual reporting periods beginning after December 15, 2017 for public companies and December 15, 2018 for private companies. We understand that preparing for accounting changes can be challenging and time consuming for companies so we are available to make applying the new standard as painless as possible.
We are available to help with revenue recognition issues such as:
- Determining how the new standard will affect companies, including:
- Contract review and assessment
- Determining and documenting the accounting and reporting impact of applying the new standard
- Determining potential impact on performance metrics, debt covenant ratios and earnings estimates
- Documenting conversion process and risks associated with implementing the standard
- Consulting with management about available transition methods and the benefits and challenges of each method
- Assisting management with the necessary interim and final disclosures
- Creating and maintaining a database for historical and future contracts
Click below to download a free whitepaper which outlines the general requirements of ASC 606, complex areas in the new standard that you should be aware of and how we can help!