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How to Know If You’re Ready for New ASC 606 Standards

How to Know If You’re Ready for New ASC 606 Standards

ASC 606 is just a few months away for public companies and just over a year off for private ones. Regardless of your status and to whom you report, there will be some immense changes ahead for your finance teams, legal teams, sales teams and more.

The Clock is Ticking

If you’ve been reading our blogs, it may seem to you that we are talking incessantly about this topic, but there’s good reason for our obsession. We know how big of a deal this is for you, and we want to make sure that you are ready to tackle the new standards when they take effect.

This is why, following our two-part webcast series on the shift to the new accounting standards (watch part 1 here, part 2 here), we would like to invite you to another opportunity to learn more about these drastic changes that will be taking place in a period of time that continues to shrink.

On September 28, Wipfli partner Brian Dietz will join Sage Intacct for an event that will share with attendees some of the major changes taking place and how to adjust to them—before it’s too late.

This webcast, titled The New Rev Rec Standards – 3 Actions to Prepare Now will introduce audiences to the changes on the horizon and how to make sure you’re not leaving yourself open for an audit when the standard becomes effective.

September 28: Actions to Take Now to Prepare for RevRec Changes

New ASC 606 standards will take effect in 2018 drastically change how revenue is recognized from a contract, including multi-year deals being sold today. For firms running QuickBooks, the current manual process of exporting data into Excel, not only won’t scale, it may not comply with the new standards, and possibly affect reporting and valuation.

Brian Dietz, Partner at Wipfli, one of the top 20 accounting firms in the US, and David Appel, Head of Sage Intacct’s SaaS Vertical, will discuss the new standards and how finance teams can address the following questions:

  • How can you manage the customer relationship through a single contract, instead of over many orders, with interdependencies between new orders and modifications?
  • What are your performance obligations in the contract, and how do you track when they’re satisfied?
  • When there is variable consideration in your orders, how can you estimate it in a scalable, auditable manner?

This event is now over, contact us to learn more!


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