Revenue Recognition Accounting

The new revenue recognition standard (ASC 606, Revenue from Contracts with Customers), issued by the FASB and IASB, provides companies with a single five-step model to be used in accounting for revenue from customer contracts. The new model will supersede virtually all existing revenue guidance. As a result, businesses will need to assess how they will be impacted and how to best implement the new standard in 2018 (for public companies) and 2019 (for private companies).

RyanSharkey’s executive overview, “FASB Revenue Recognition Changes”, provides highlights of the sweeping changes and their impact.

The effects of ASC 606 will vary, possibly in considerable ways, from industry to industry and company to company. In substantially all cases, the adoption will also impact many other key business processes.

Gaining an understanding of the effects of the new standard, developing and delivering messaging to key stakeholders and planning ahead for the operational impact of adopting the new standard are critical for a successful implementation.

RyanSharkey’s Revenue Recognition Support Services professionals will ease the burden of implementing the new five-step model by:

  • Assessing and diagnosing the effect of the new standard on all sources of your company’s revenue;
  • Designing new policies and procedures;
  • Implementing the plan; and
  • Providing post-implementation evaluation to measure against US GAAP requirements.

For more on implementing the new standard, read RyanSharkey’s guide: Revenue Recognition Standard Implementation

Experience, planning, insight and skill are all key in meeting the complex and time-consuming challenges of revenue recognition. In this arena – and all other areas of financial reporting consulting – RyanSharkey’s expert practitioners think strategically and act diligently on behalf of our clients.

For more information about RyanSharkey’s Revenue Recognition Support Services, please complete the brief form on this page. A member of our team will be in touch.

Questions? Contact RyanSharkey using the form below.

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