- Baker Tilly's assurance professionals discuss ASC 606, revenue recognition, transition methods available to organizations and the effective dates for the new standard.
- In this recent webinar, Baker Tilly overviewed some of the main areas that will impact business operations under the new revenue recognition standard: disclosures and costs.
- As with revenue recognition itself, the codification has never comprehensively addressed costs in connection with contracts. Often, the guidance has been found within the industry sections, or other disparate sections of the codification. The new standard seeks to comprehensively address the issue.
- Many insurance entities believed ASC 606 would not affect them BUT other transactions such as risk management services, claims administrations, property valuations/appraisals, financial planning, and commissions or bonuses will be affected.
- Whatever your organization’s situation, companies should review the new revenue recognition standard and its impacts.
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