Time is running out for any remaining companies to implement the latest ASC 606 revenue recognition standard.
If you run a business, you lease equipment or real estate.
The new accounting standard for revenue recognition (ASC 606), which goes into effect early next year for privately held companies is just an accounting change, right? Not at all.
The SEC indicated in a speech in December that they expect more substantial disclosures in 10-Ks on the impact of ASC 606 and companies’ progress.
The Financial Accounting Standards Board, through the Joint Transition Resources Group for Revenue Recognition (TRG), continues to address challenges identified in implementing and applying the new revenue standard.
April 1, 2015 | The FASB proposed a one year deferral of the effective date for its new revenue recognition standard ASU 2014-09, Revenue from Contracts with Customers or ASC 606 for public and private entities reporting under US GAAP.
NEW GUIDANCE ISSUED In May 2014, the FASB and the IASB issued a new revenue recognition standard, ASU 2014-09, Revenue from Contracts with Customers or ASC 606, to provide a single comprehensive accounting model for all revenue arising from customer contracts.