ASC 606: Requirements and Deadlines for the New Revenue Standard
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Gain a better understanding of the new revenue standard and help identify potential changes to the revenue recognition process.The new revenue recognition standard (ASC 606: Revenue from Contracts with Customers) becomes effective for non-public entities for fiscal years beginning after December 15, 2018. The new standard provides a completely new process for identifying promises to customers and determining when to recognize the related revenue. This material provides an overview of the new standard, including implementation considerations and a sample timeline, and helps companies identify potential changes to their revenue recognition process as a result of adopting the new standard. This topic also explains the more complex aspects of ASC 606, and provides examples of issues that companies have struggled with in practice. Although in some instances, a company's revenue may be unchanged as a result of applying the new standard, all companies are required to apply the new five-step model, and comply with the new disclosure requirements.
Angela Newell, BDO Seidman, LLP
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