ASC 606: What it is and how it impacts business

Think ASC 606 won’t affect your organization? Think again.

The new revenue recognition standard will force many organizations to evaluate their contracts with customers and the systems, processes, controls, and documentation they have in place. For some, the accounting changes may make changes to the contracts themselves more viable, while others may find that the initial work for disclosures comprises the bulk of their change. Whatever your organization’s situation, companies should review the standard and its impacts.

Baker Tilly’s specialists discussed the standard and highlighted of some of the main areas that will impact business operations.

Key takeaways

• Overview of the standard and applying the five elements
• Understanding changes to contract costs and disclosures
• Review of the current status on guidance for the transition
• Discussion of key considerations for transition and how to get started

For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.

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