How will ASC 606 Revenue Recognition Affect Your Organization?

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  • Days until public companies must comply
  • Days until private companies must comply

Companies need to begin the process NOW to determine how much of an impact the changes will have on their contracts, process and controls.

This far-reaching accounting standard will impact many organizations, and more intensely than most are anticipating.

Accounting Standards Codification (ASC) 606 Revenue from Contracts with Customers affects a broad spectrum of organizations (also see ASU 2014-09), including construction, insurance, healthcare, manufacturing, not-for-profit, real estate and technology companies. Many organizations will see the most impact in the manner in which they need to account for their revenue, not in the final revenue on their financial statement.

Essential ASC 606 Guide

Understand key topics to help you through the complex process of assessing the impact and developing an implementation plan for your organization from identifying the contract through updating your internal controls over financial reporting with our essential revenue recognition guide.

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What will be impacted?

  • Key Financial Ratios
    Key Financial Ratios
  • Sales
    Sales
  • Customer Contracts
    Customer Contracts
  • Technology Systems
    Technology Systems
  • Accounting Processes
    Accounting Processes
  • Internal Controls
    Internal Controls
  • Compensation Structures
    Compensation Structures

ASC 606 Webinar Series

View educational recordings and presentation slides on the five elements of revenue recognition, disclosures, cost of capitalization, and more.

“ASC 606 is quite complex. I appreciate that Baker Tilly developed a series of webinars dedicated to healthcare clients. I also appreciate it being broken down into four smaller webinars versus just one session. This allows the material to be digested and time for questions to be developed between webinars.”
Carolyn N. Jacobs, RN, BSN, CPA
Chief Financial Officer, Messiah Lifeways

Articles on ASC 606

Learn more about the new revenue recognition standard through in-depth articles covering all of the aspects from understanding the base elements to determining the transition method right for your organization.

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    The revenue recognition transition: Cost capitalization

    As with revenue recognition itself, the codification has never comprehensively addressed costs in connection with contracts. Often, the guidance has been found within the industry sections, or other disparate sections of the codification. The new standard seeks to comprehensively address the issue.

    // Read full article

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    Attention! ASC 606 will affect insurers. Are you ready?

    Many insurance entities believed ASC 606 would not affect them BUT other transactions such as risk management services, claims administrations, property valuations/appraisals, financial planning, and commissions or bonuses will be affected.

    // Read full article

  • Article Image

    ASC 606 transition: Disclosures

    Revenue disclosures in financial statements have been quite minimal with little useful information in these disclosures. ASC 606 seeks to change that by requiring robust disclosure for the users of the financial statements.

    // Read full article