ASC 606 Impact Assessment and Implementation

In May 2014, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) jointly issued a new accounting standard (ASC 606 or the Standard) governing revenue from contracts with customers. To read our newest whitepaper that summarizes the way the new revenue recognition rules require change to current practice and the critical insights that will facilitate a successful transition to the new world of accounting and financial reporting for revenue, click here to download.

ASC 606: What is the New Standard?

Our Transaction & Regulatory Advisory Services (TRAS) practice provides ASC 606 Impact Assessment services, a best practice that proactive public companies are conducting to evaluate the potential impact of the Standard on accounting and reporting, internal controls and business operations. Such an assessment will enable a company to more effectively plan for ASC 606 compliance. The Impact Assessment will also provide company management with important insight into potential changes to the internal control structure and business operations environment (revenue cycle processes and procedures) that may be required to support the company’s ongoing compliance.

Because the Standard requires a retrospective transition covering years prior to its effective date, now is an ideal time to conduct an ASC 606 Impact Assessment Initiative.