Professional services businesses, performance obligations and ASC 606

Jul 12, 2019
Audit Professional services

In our recent revenue recognition update webcast for business and professional services organizations, our speakers outlined significant changes for businesses to address brought about by the new guidance in Topic 606, Revenue from Contracts with Customers, of the Financial Accounting Standards Board’s Accounting Standards Codification (ASC). The presentation included an in-depth discussion of the standard’s five implementation steps as well as other important transition information.

A key segment of the presentation, particularly for business and professional services firms, included a discussion on recognizing revenue when performance obligations are satisfied, either over time or at a point in time. Watch the following webcast highlight as RSM’s Jodi Brown, a senior manager in technical accounting, provides further insight on ASC 606 criteria related to performance obligations, and why it’s important to assess existing contracts in light of the new standard.

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