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Posts Tagged ‘ASC 606’

Understanding ASC 606 – Revenue from Contracts with Customers

Time is running out for companies to make the appropriate changes in order to be compliant with ASC 606. The new guidelines are effective for public companies for reporting periods beginning after December 15, 2017. Private companies and not for profits need to comply by the reporting period following December 15, 2018. However, everyone can […]

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VAR or Microsoft Dynamic user? Are you ready for ASC 606 revenue recognition standards?

ASC 606 Revenue Recognition Standards "I've been on dozens of webinars and I've done a few myself and I think the vast majority of companies are underestimating the criticalness of 606 revenue recognition changes," says Neil MacDonald, Solutions Consultant at Binary Stream Software, a Microsoft Dynamics Gold ISV Partner. Why companies are delaying changes Companies aren't […]

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ASC 606 – There’s still time for a smooth transition! – WEBINAR

If you're like many companies out there, you've kept an eye on ASC 606, but have been procrastinating on making the necessary changes. But, now, with the deadline looming right around the corner, that unease may be creeping in. Don't panic yet! It's not too late for a smooth transition! This FASB / IFRS compliance change […]

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ASC 606 – 5 Steps to Accounting Compliance

Summary of 5 Steps to ASC 606 Compliance Manage your revenue allocations so you can confidently and efficiently comply with ASC 606 and IFRS 15.   Identify Contracts with Customers An agreement between two or more parties that creates enforceable rights and obligations; applies only to customers, i.e. not partners If in doubt, talk to […]

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ASC 606: Revenue From Contracts With Customers

Revenue recognition is a critical measure for every company.  It is used in many financial ratios to examine and compare companies. The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) recognized that existing revenue recognition literature varied between their jurisdictions.  Both frameworks needed upgrades. The two organizations worked together, and Accounting Standards […]

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Is Your ERP Ready for the FASB/IASB Revenue Standard?

After a longer than expected wait and much anticipation, the FASB and IASB finally issued the combined revenue recognition standard (ASC 606 and IFRS 15) on May 28th.  This new standard won’t be effective for U.S. GAAP public reporting entities until the first interim period within their annual reporting periods beginning after December 15, 2016.    […]

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