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FASB RevRec Standards: Actions You Need to Take Now

FASB RevRec Standards: Actions You Need to Take Now

The implementation date for the upcoming Financial Accounting Standards Board (FASB) standard on revenue recognition (ASC 606—for International businesses, the International Accounting Standards Board, or IASB, has similar guidance in IFRS 15) is rapidly approaching. As early as next year, public companies will need to finalize their implementation plans and make the transition.

This standard is pervasive—affecting all businesses that have contracts regardless of industry—and present a multitude of challenges that need to be understood and adapted to before the effective date.

We’ve written many articles about this (Pros and Cons—Full vs. Modified Retrospective, Industries Weighing in on ASC 606 Standards, What Departments Need to Make Changes before ASC 606 Takes Hold?, as well as our whitepaper on the topic), but today would like to discuss your opportunity to learn more and get some questions answered, especially as they pertain to the following:

  • Over time vs. point in time recognition
  • Variable consideration
  • Contract costs

On August 15, 2017, Wipfli will present a webcast on the impacts of the standard and best practices to make the move. Learn more and register below.

Webcast: Wipfli Presents FASB Revenue Recognition Webcast August 15

With required adoption as early as 2018 for public companies and 2019 for private ones, the time to act is now. To help you better prepare, we would like to invite you to an upcoming webinar presented by our parent company, Wipfli, on the importance of these new standards, as well as the top steps to prepare for their adoption.

Featuring accounting and finance experts Colleen Varallo and Brian Dietz, Partners at Wipfli, as well as Vijay Ramakrishnan, Director, Product Marketing at Intacct Corporation, attendees—whether they are owners, CFOs, Controllers, or CIOs—will gain real, actionable advice on next steps to prepare for one of the largest changes since Sarbanes-Oxley. Click here to learn more.

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