In May 2014, the FASB issued ASC 606: Revenue from Contracts with Customers. It will replace the revenue recognition guidance under current U.S. GAAP with a principle-based approach for determining revenue recognition. The new standard has the potential to affect the way business is executed through contracts with customers. After a one-year deferral, the standard is effective for public entities for fiscal years beginning after December 15, 2017. Nonpublic entities are required to adopt for fiscal years beginning after December 15, 2018.
Please listen to the recent presentation by Baker Tilly and Oracle, on the upcoming changes in Revenue Recognition regulations, where you will learn:
- details of ASC 606 and what it means to your business
- the impact it will have on your current processes and operations (you might want to pull in the IT people)
- the five steps you need to take to prepare for ASC 606
ASC 606 will impact: the way you write proposals and contracts; the way you pay your people; and internal controls over financial reporting.