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Understanding the New Revenue Recognition Standard ASC 606: What Manufacturers Need to Know

Understanding the New Revenue Recognition Standard ASC 606: What Manufacturers Need to Know

Aug 11, 2017

Download Webinar (PDF 8316kB, MP4 51570kB)

This webinar was recorded on August 10, 2017. Click the Download button to watch the recording ad to view the presentation slides.

Is your organization ready for the new revenue recognition standard ASC 606?

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, manufacturing and distribution companies should begin their understanding of the unique considerations the standard will have on the industry and more importantly, their current revenue recognition practices. Possible considerations include:

  • Over time vs. point in time recognition
  • Elimination of the sell-through method
  • Variable consideration
  • Contract costs

Revenue recognition specialist, Colleen Cooke-Varallo, and manufacturing expert, Sara Funk, will share their understanding of the new standard, potential implications to your organization as well as potential impact on the manufacturing industry.

Learning Objectives

  • Understand what ASC 606 is
  • Gain an overview of the new five step model of revenue recognition
  • Understand the effective dates and transition models
  • Identify the potential impacts on the manufacturing and distribution industry
  • Recognize how to account for contract costs
  • Realize the importance of starting to plan and prepare now for the new standards

Download Webinar (PDF 8316kB, MP4 51570kB)

Author(s)

Colleen Cooke-Varallo
Colleen Cooke-Varallo, CPA
Partner
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Sara Funk
Sara L. Funk, CPA
Partner
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