ASC 606 may take more effort to adopt than anticipated
Compliance may be more challenging than many companies realize
How is your organization managing the adoption of ASC 606?
The new revenue recognition standard has widely been considered the most profound new compliance change affecting corporate finance since the Sarbanes-Oxley Act of 2002. But a recent survey by RSM found that many middle market business leaders are experiencing significant challenges in preparing for and complying with the FASB standard.
Adoption of the new standard also provides an opportunity to consider strategic operational issues, such as improving efficiency, enhancing information systems, and strengthening processes and controls. But given the complexities involved, the time needed for implementation should not be underestimated.