- ASC 606 affects virtually every entity that prepares financial statements. Phil Santarelli and Howard J. Heyman outline what organizations that prepare financial statements under GAAP need to do now.
- 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.
- The adoption of ASC 842, Leases, makes accounting much more complex for traditional operating leases. Not surprisingly, the disclosure requirements are quite extensive.
- Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, seeks to change the value of disclosures by requiring robust disclosure for the users of the financial statements.
- Previous Next