The impact of ASC 606 (revenue recognition accounting) applies to all industries and public, private and not-for-profit entities who enter into revenue contracts with customers. The far-reaching revenue recognition framework may impact not only a company’s accounting, but financial reporting, systems, processes, internal controls, financial ratios, and contract language as well.
Our experience and qualified knowledge of accounting and financial reporting policies, processes and systems can support you through the adoption and compliance process and maximize your ability to adopt ASC 606 successfully.
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 you with:
- Evaluating the impact of the new revenue recognition accounting on accounting policies, financial statements, general ledger systems, and financial disclosures.
- Providing practical insights into changes, implementation, and transition considerations.
- Documenting your ASC 606 impact assessment, including tailoring our 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.
- Identifying and evaluating the tax implications of revenue changes under ASC 606.
- Assist with implementing any necessary tax accounting method changes.
Industry Impact of ASC 606
The new revenue recognition accounting will significantly affect many companies across many industries. Withum’s experience across many industries will deliver the expert resources to ensure your company is in compliance with the new rules taking affect.