ASC 606/IFRS 15
The new rules have broad implications for how a multitude of industries will report their revenue.
Implementation likely to be complex and require changes across multiple departments within the organization.
THINGS TO CONSIDER:
- ASC 606 changes will affect most if not all operations across most companies.
- Determine now what changes in your processes will be required so that your planning process and any commitments you are making for 2019 utilize the right guidelines.
- Some of your outside reporting requirements and expectations may need to be renegotiated such as loan covenants and revenue milestones.
- Non-public entities must be in compliance for annual reporting periods beginning on or after December 15, 2018 and for related interim periods beginning December 15, 2019.