Implications of Applying New ASC 606 Rev Rec Rules
The new revenue recognition standard is being converted into a single model across all industries. The new global framework for revenue accounting has numerous challenges for companies including: Application and Controls. Application was described in the previous blog post.
Challenges of Applying New Revenue Recognition Rules
The application of ASC 606 is a major issue for businesses impacted by the new revenue recognition rules. Most companies seem to be generally familiar with the new revenue recognition standard; however, there are specific areas within the rules that are vague. Many are left wondering how the new revenue recognition rules will impact their […]
The Reinvigorated Regulatory Agency, The SEC Takes Action on Improper Revenue Recognition
The new revenue recognition rules are daunting and many companies wonder how they will be impacted by ASC 606. Â What really happens to companies if they don’t comply with the new revenue recognition rules? Who enforces these rules? The reinvigorated regulatory agency, the SEC takes action on improper revenue recognition accounting. Learn about the SEC’s […]
The Making of the Perfect Storm: Part 1 Impact New ASC 606 Regulations
Companies will be required to adopt a new universal framework for revenue recognition – one that will hold regardless of vertical, product, or service. Currently, we have two different standards US GAAP and IFRS 15. The US Financial Accounting Standards Board (FASB) and its international counterpart, the IASB, have spent a significant amount of time […]
New Accounting Standards Meet Increased SEC Attention
The idea of the ‘perfect storm’ was first popularized by journalist Sebastian Junger in his book of the same name, set against the backdrop of the devastating Nor’easter of 1991. Though undeniably destructive, it was the origin of Junger’s storm that caught the public imagination: a chance combination of high-pressure systems, low-pressure systems, and tropical […]
Don’t Let Calls for Delays Stall Your ASC 606 Implementation
In the months since FASB and IASB released the finalized update to their revenue recognition guidance, both boards have seen significant pushback on the effective dates and timeframes for this far-reaching new standard. Last month, FASB Chairman Russell Golden announced that the board was in the process of researching whether implementation deadlines for the guidance – originally scheduled […]
Telecoms and ASC 606: Revenue Recognition Under the New Standards
When the US Financial Accounting Standard Board (FASB) released its updated revenue recognition guidelines earlier this year, it also spotlighted several industries likely to see substantial impacts from the new ASC 606 guidance. One of the most notable verticals on that list is telecommunications.