Revenue recognition under ASC 606
RECORDED WEBCAST |
Join RSM’s accounting thought leaders as they discuss the guidance in Topic 606, Revenue from Contracts with Customers, of the Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC). Implementation of ASC 606 must occur no later than the quarter and year beginning January 1, 2018, for public entities (i.e., public business entities and certain not-for-profit entities and employee benefit plans) with a calendar year end. For all other entities with a calendar year end, implementation must occur no later than the year ending December 31, 2019. Topics covered in the presentation include:
- What’s changing?
- Background and recent activities
- Core principle and key steps
- Contract costs
- Presentation and disclosure
- Effective date and transition
While the FASB provided delayed effective dates for ASC 606, it was with the understanding that implementation of that guidance would be a significant undertaking for many (if not most) entities. With more than two years having passed since initial issuance of ASC 606, entities should be well on their way to assessing how it will affect their revenue recognition policies and disclosures and developing an implementation plan. This is particularly true for companies that plan to elect the full retrospective transition method and companies that have multi-year contract terms with their customers.
Featured speakers from RSM’s National Accounting Standards team:
- Brian Marshall, Partner
- Richard Stuart, Partner