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 companies, both public and private, in all industries will be required to follow when reporting revenue. The changes in ASC 606 are some of the most significant to US GAAP impacting several business processes such as information systems, compensation, and contractual agreement structuring. Given the complex nature of the changes, many companies will be required to exercise considerable judgement during adoption and may require the guidance of an outside advisor.
Barnes Dennig has considerable experience in ASC 606 implementation with companies from a variety of industries. Our team is led by Tom Groskopf, Technical Director for the AICPA’s Center for Plain English Accounting, member of the Private Company Council, and a regular speaker to the industry on ASC 606. He is supported by a deep bench of professionals with experience ranging from managing the entire adoption process to providing support services to internal adoption efforts. Our team can “plug in” and help guide efforts to successful completion.
Our ASC 606 Services
- Drafting or reviewing revenue recognition policies and procedures
- Interpretation of ASC 606 and application to your entity
- Contract review with proper accounting treatment assessed
- Implementation plan creation
- Implementation team leader
- Advisor to implementation team
- Readiness assessment
- Review or establishment of internal controls over contracts and revenue reporting
- Financial statement disclosure assessment, drafting, and review
- ASC 606 training
For more information on our services view our ASC 606 Revenue Recognition Brochure.
Check out our latest blog post, Are you Ready for ASC 606?
The deadline for privately held companies to comply with the new standard is January 1, 2019. Regardless of where you currently stand in your implementation of the new revenue recognition guidance, Barnes Dennig can provide the solution needed to become ASC 606 compliant. Click here to contact us for assistance with ASC 606 adoption today.