Quiz: ASC 606

Are you prepared for the new revenue recognition standard? Odds are, you're not.

  1. According to a recent poll by Baker Tilly, only 11 percent of companies have begun making changes to prepare for Accounting Standards Codification 606, revenue from contracts with customers. Are you ready? Take the quiz to find out!
  2. 1.
    What is the effective date of the new revenue recognition standard for private companies?
  3. 2.
    The new accounting standard, which aims to enhance uniformity, impacts all industries equally.
  4. 3.
    Even if a company's financial statements are unaffected, becoming compliant will be a time-intensive process.
  5. 4.
    The amount of time and effort necessary for revenue disclosures will: