There’s a Lot of Work to Do
ASC 606 (new Revenue Recognition rules) is one of the largest changes to GAAP in a generation. There’s a lot to do to help clients make the transition.
Attorneys and Accountants, Working Side by Side
By working together, we can get the job done.
Attorneys will be busy tackling the following:
• Participating on ASC 606 adoption task forces (in-house counsel)
• Performing contract reviews
• Drafting new/revised customer contracts
• Negotiating amendments to loan agreements
• Reviewing and modifying incentive plans
• Reviewing 10-K revenue recognition disclosure requirements
• Litigating GAAP-related cases
Meanwhile, Wipfli can help companies prepare for ASC 606 by:
• Providing training
• Performing readiness assessments
• Developing implementation plans
• Collaborating on contract reviews, changes, and technical memorandums
• Quantifying opening balance adjustments
• Performing business process and systems reviews
• Developing new accounting policies
• Assisting with financial statement presentation
• Providing tax consulting and compliance
Let’s Work Together
Wipfli’s Revenue Recognition team can help reduce the learning curve and get your clients transitioned to the new rules faster with integrated services in accounting, advisory, technology, and risk and compliance to complement your efforts.