- Once an entity has determined that it has a contract with a customer as defined in Accounting Standards Codification (ASC) 606, the entity must determine what the performance obligations are.
- ASC 606 (ASU 2014-09, Revenue from Contracts with Customers) Listen to Baker Tilly as we delve into the first element of revenue recognition: identifying the contract.
- It’s no longer enough for banks and other financial institutions to simply have good working relationships with the third parties that provide IT and other services. New, stricter standards and increased scrutiny by the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB), as well as the Federal Deposit Insurance Corporation (FDIC) and the Federal Financial Institutions Examination Council (FFIEC), mean financial institutions now have the same responsibilities for in-house and out-of-house services.
- The first step in applying Accounting Standards Codification (ASC) 606 is to identify the contract(s) with the customer.
- Baker Tilly recently presented an introduction to the upcoming revenue recognition transition.
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