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ASC 606 – Revenue Recognition Standards are changing, are you ready?


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ASC 606 is an updated accounting standard issued by FASB and IASB that is designed to ensure revenue recognition is consistent across industries, geographies, and capital markets. It applies to virtually all sectors where there are “contracts with customers” (exceptions include leases, insurance, and financial instruments). It is intended to increase financial statement comparability across companies and reduce the complexity in revenue recognition.

To help you and your team better understand ASC 606, we have recorded a recent live webinar. Please view it here: Binary Stream recorded webinar: ASC 606 Revenue Recognition

Here is the overview of what is covered in the webinar:

The transition period for ASC 606 is now underway!  Save yourself the hassle and start planning and re-evaluating your contracts now!

Don’t underestimate the time or effort required to bring your systems and processes into compliance!

While it may appear that the changes primarily take place in 2018, there is a 2-year accounting retrospective. Take advantage of this time to prepare for conducting business under this new guidance.

In this webinar, you will learn:

1)  What ASC 606 is
2)  The newly proposed Five Step Recognition Model
3)  Areas of concern with the adoption of ASC 606
4)  Solutions in Dynamics GP and AX to assist you in regulatory compliance

View the recorded webinar now: Binary Stream recorded webinar: ASC 606 Revenue Recognition

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