The importance of revenue recognition cannot be overstated: the ability to accurately recognize revenue is vital to a company's financial performance and new reporting standards begin this year.
Nonpublic entities reporting under US GAAP are required to apply the revenue standard for annual periods beginning after December 15, 2018. The new revenue recognition standard, Revenue from Contracts with Customers (ASC 606), outlines a single, comprehensive model for accounting for revenue from customer contracts. Topics to be covered during this seminar include:
• Overview of ASC 606 and how the adoption of ASC 606 can affect
your organization.
• Discussion of the five-step revenue recognition model
• Implementation options and disclosure requirements
• Consideration of tax and compensation implications of adopting ASC
606
• Potential impact ASC 606 will have on your loan agreements and
financial covenants
• Identify action steps your organizations should be taking today to
comply with the new revenue recognition rules.
Join Herbein + Company, Inc. for an overview of the new Revenue Recognition standards at Fox Chapel Golf Club on Thursday, November 1, 2018. Find out how the new standards will affect your bottom line and what you can do now to get the most out these new rules.