ASC 606 – Revenue from Contracts with Customers, effective for periods beginning after Dec. 15, 2018 for private companies, will have significant and far- reaching changes for software and technology companies. Many companies will see the most impact in the manner in which they now need to account for their revenue, not in the final revenue number on the financial statement.
The new standard is complex and calls for increased judgment, documentation and disclosures. Software and technology companies need to understand how industry nuances and complexities will give rise to unique considerations that must be addressed when implementing ASC 606.
Download our industry guide that addresses the impact and solutions software and technology companies should address. In addition to industry-specific information, the guide also provides examples and asks “What would you do?” to address real-life examples faced by software and technology companies.
For more information on this topic, or to learn how Baker Tilly software and technology specialists can help, contact our team.