Revenue Recognition Rules – We Can Help
In 2014, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) jointly issued new revenue recognition rules. ASC 606, Revenue from Contracts with Customers, creates a consistent set of standards that all companies must follow when reporting their revenue. That includes public and private companies, across every industry.
U.S. Generally Accepted Accounting Principles (GAAP) considers these changes significant because they impact business processes such as information systems, compensation, and contractual agreement structuring. Not surprisingly, adopting them is a complicated task.
But an experienced third-party advisor can make sure your company gets it right.
Barnes Dennig knows ASC 606
We have implemented ASC 606 changes for many companies in a wide range of industries.
Our ACS 606 team leader and Barnes Dennig director Tom Groskopf is a recognized industry authority who:
- Speaks regularly and provides ASC 606 training to the accounting industry
- Serves as Technical Director for the AICPA’s Center for Plain English Accounting
- Previously served on the advisory only FASB Private Company Financial Reporting Committee
- Served a three-year term on the AICPA’s Technical Issues Committee
- Served on the Private Company Council
Tom is supported by a deep bench of professionals who can do everything from managing the whole adoption process to providing support services for a company’s internal adoption efforts.
Even if you’ve already started or finished implementing the ASC 606 standards, Barnes Dennig can help you verify you’re fully in compliance.
Our ASC 606 services
If you’ve already adopted ASC 606, Barnes Dennig can help you by:
- Reviewing contracts to assess proper accounting treatment
- Reviewing or establishing internal controls over contracts and revenue reporting
- Conducting ASC 606 training
Barnes Dennig can ensure a smooth adoption by doing any or all of the following:
- Interpreting ASC 606 and applying it to your company
- Performing a readiness assessment
- Creating an implementation plan
- Choosing an implementation team leader
- Advising the implementation team
- Drafting or reviewing revenue recognition policies and procedures
- Assessing, drafting, and reviewing financial statement disclosures
To learn more about adopting the new standards, read our blog post: Are you Ready for ASC 606?
Ready to get started? Contact us today.