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Revenue Recognition Resource Center
Challenges and opportunities for companies adjusting to ASC 606 regulation requirements
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), which added Topic 606 to the FASB’s Accounting Standards Codification (ASC) and will replace almost all pre-existing revenue recognition guidance in legacy generally accepted accounting principles (GAAP) with a robust framework for addressing how an entity should account for its revenue. Implementation by calendar year-end public entities was required byJanuary 1, 2018 and is required by other calendar year-end entities no later than the year ending December 31, 2019.
This resource center provides access to high-level and detailed information about the new revenue recognition guidance.
An overview of the new guidance in ASC 606 (as amended) and highlights of the fundamental changes ASC 606 will bring.
A recent proposal would simplify how private-company franchisors analyze their performance obligations in accordance with ASC 606.
RSM’s approach to implementing new standards differs because we take a practical, hands-on approach; our depth and experience sets us apart.
On May 20, 2020, the FASB approved one-year effective date deferrals for certain entities for ASC 606 and ASC 842.
Due to the coronavirus, the FASB recently proposed a one-year effective date delay for certain entities for ASC 606 and ASC 842.
FASB to propose deferring the effective dates of ASC 606 for private franchisors and ASC 842 for certain entities.
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Let the professionals at RSM help guide your company through the challenges of implementing 606.