In May 2014, the Financial Accounting Standards Board (FASB) issued the final standard on revenue from contracts with customers, Accounting Standards Codification (ASC) Topic 606. It has been described as one of the largest changes to GAAP in over a generation.
The new standard supersedes most current revenue recognition guidance and is designed to create consistency across industries, enrich financial disclosure, and enhance comparability for those relying on financial statements.
With required adoption dates starting as early as 2018 for public companies and 2019 for private companies, companies should begin their understanding of the unique considerations the standard will have on the industry and, more important, their current revenue recognition practices.
This webinar will provide an overview of the five-step revenue recognition process, adoption methods available, and other considerations such as:
- Over time vs. point in time recognition
- Variable consideration
- Contract costs
The webinar also covers the steps needed to ensure an efficient, timely, and effective adoption, including: systems gap analysis, development of an adoption project plan and timeline, and review of software solutions.
This webinar was attended by:
- Business Owners
Colleen Varallo, Partner, Wipfli; Brian Dietz, Partner, Wipfli; and David Appel, Head of Software and SaaS Vertical, Sage Intacct