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FASB Announces Most Sweeping Change in Decades: ASC 606 - Are You Ready?

 

The FASB ASC 606, Revenue from Contracts with Customers, adoption deadlines seemed so far away when the news began circulating over a year ago.  But now, with the adoption deadlines quickly approaching (reporting periods beginning after 12/15/2017 for public companies and 12/15/2018 for private companies), it’s prudent to assess where your company stands with the implementation of the new rules?

Cordia Partners is happy to make available to you an information-rich, on-demand webinar, ‘New FASB Rev Rec Standards: Actions You Should Take Now’ that runs just under 60 minutes.

 

We are urging energetic planning, sooner rather than later, because ASC 606 has impact well beyond the Finance Department.  The webinar covers the ripple effect ASC 606 will have on the Finance, Management, Information Technology, and Sales organizations, as well as your internal control environment.

 

‘New FASB Rev Rec Standards: Actions You Should Take Now’ provides you with an in-depth look at the following five steps for revenue recognition:

 

  1. Identify contracts with customers
  2. Identify performance obligations
  3. Determine the transaction price
  4. Allocate the transaction price to the performance obligations
  5. Recognize revenue when (or as) performance obligations are satisfied

 

The presentation will summarize the significant changes in accounting under ASC 606.  The second half of the webinar will touch upon several issues, including the new complexities for subscription companies and how managing contracts by spreadsheet will be impossible in most cases.  It will be crucial to have the right software solution to handle contract management going forward.

 

One of the strengths of Sage Intacct is its Contract and Revenue Management module.  It was the very first automated solution to the new complexities created by ASC 606 and IFRS 15.  We know that our clients have benefitted from the solution’s ability to handle reallocations for contract changes, address regular deferral of expenses, provide dual reporting for contracts with timelines that span pre- and post-deadline period, and accurately forecast revenue.

 

If you would like to work with Cordia Partners to ensure that you have the right plan, process, and solution to address FASB revenue recognition changes, we would love to talk to you.  Contact us, we would love to hear from you. 

 

In the meantime, be sure and take a look at ‘New FASB Rev Rec Standards: Actions You Should Take Now’– it’s on demand and you may watch it at your convenience.