As we are now only one year away from the adoption deadline for the new revenue recognition accounting standard (ASC 606), it is time for more serious disclosure regarding the expected impact the new standard may have on a registrant’s…

It’s time to face it, the new revenue recognition standard, ASC 606, Revenue from Contracts With Customers isn’t going anywhere, and time is running short for beginning the implementation process.  Shareholders, analysts and other stakeholders have started to be interested…

In a recent 2015 Revenue Recognition Survey, PricewaterhouseCoopers and the Financial Executives Research Foundation found that 48% of responding companies have not yet completed, and 27% have not yet started, an initial impact assessment of the new revenue recognition standard…

Often companies don’t consider the transition rules for a new accounting standard until very close to the date of adoption.  In the case of the new revenue recognition standard, this may not be the smart approach. The new standard offers…

On August 31, 2015, the Financial Accounting Standards Board (FASB) issued proposed guidance which would amend ASC 606, Revenue from Contracts with Customers. The amendment would clarify the provisions of ASC 606 regarding when an entity is acting as a…

Everyone knows what a challenging experience it is going through a financial statement audit.  Many of the trying situations, last minute requests, deadline crunch, auditor cost overruns, and surprises can be avoided or minimized through advance planning and preparation. Here…

On August 12, 2015, the FASB finalized the April 2015 exposure draft and issued the anxiously awaited Accounting Standards Update (ASU) No. 2015-14, delaying by one year the effective date of Accounting Standards Codification 606, Revenue from Contracts with Customers…

On May 12, 2015, the FASB issued an exposure draft for public comment a proposed Accounting Standard Update (ASU) to amend ASC Topic 606, Revenue from Contracts with Customers (ASC 606). Among other provisions, the proposed ASU intends to improve…

On April 1, 2015 (ironically April Fools Day) the FASB proposed deferral of the effective date of the new revenue standard, Revenue from Contracts with Customers (ASC 606), by one year for both public and private entities. The FASB will…

Many companies are waiting to analyze or take steps towards implementing ASC 606, Revenue from Contracts with Customers, either because they think the effective date is too far in the future or simply because they assume it will have very…