Accurately recognizing revenue is vital to a company’s performance and success. The new ASC 606 standard has changed the rules on the way revenue is recognized. Its impact is far reaching across industry and business size.
The new regulation has implications for the entire contract cycle of a business and will be felt by various departments, not just accounting.
Compliance, while frustrating and time consuming, is necessary for your business.
Five Components Required for Revenue Recognition
There are five components required in the new revenue recognition standards. These include:
A Resource to Help You Navigate the Revenue Recognition Guidance
We’ve developed an eBook to help you navigate the waters of revenue recognition and how it can be applied to your business.
Check out Five Steps to Understanding the New Revenue Recognition Standards. In it you’ll find:
Fill out the form to flip through the ebook or download it for easy access later.
Revenue recognition is a critical standard that will take time to implement at your organization. There’s a lot to consider:
Taking steps to remain compliant now will be incredibly important. We have a team ready to help you implement the new revenue recognition standard at your organization.
Learn more about each step in the process. Each article breaks down a step to help you understand and implement the new revenue recognition regulation:
Affordable Housing: Shannon Breuer
Ag Producers: Steve Troyer
Construction & Real Estate: Wade Sandy
Dealerships: Tom Goekeler
Energy Services: TJ Bert
Financial Institutions: Gary Smith
Government: Lee Miller & Jodi Daugherty
Healthcare: Geoff Knobloch
Higher Education: Kristin Diggs
Insurance: Ryan Donahue
Manufacturing & Distribution: Dave Glennon
Nonprofit: Deb Nelson
Service Organization: Eric Pulse
Utilities: Derrick Larson
The following are recent Revenue Recognition insights offering further clarification, considerations and/or industry focus into the impact of the regulations: