The impact of ASC 606 (Revenue Recognition) affects all industries and public, private and not-for-profit entities who enter into contracts with customers. The far-reaching revenue recognition framework will impact not only the company’s accounting but financial reporting, systems, processes, internal controls, financial ratios, and contracts.
Implementing ASC 606 Revenue Recognition
How We Can Help
Withum can support you through the transition and compliance process and maximize your ability to adopt ASC 606 successfully. Our experience and qualified knowledge of accounting and financial reporting policies, processes and systems allow our ASC 606 experts to assist with:
- Evaluating the impact of the new revenue recognition accounting guidance on financial statements, general ledger system, and existing revenue accounting.
- Providing practical insights into changes, implementation, and transition considerations.
- Tailoring reports to the end users of the deliverable (management, external auditors or both)/
- Highlighting where accounting alternatives under ASC 606 exist and providing recommendations.
- Developing and implementing IT solutions for the digital environment for the new revenue recognition accounting such as NetSuite.
Industries That Could be Affected by ASC 606
- Consumer Products
- Financial Services and Investment
- Life Sciences
- Manufacturing, Distribution and Logistics
- Not-for-Profit and Education
- Professional Services
- Real Estate
- Timeshare Developers and Owners Associations