How will ASC 606 Revenue Recognition Affect Your Organization?Learn more
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.
What will be impacted?
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.
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.
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.
ASC 606 transition: Disclosures
Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, seeks to change the value of disclosures by requiring robust disclosure for the users of the financial statements.