Weldon Mckenzie, Simplus
October 3, 2017
The ever so fondly-named ASC 606, otherwise known as the new standard in revenue recognition, is no policy to bat an eye at.
Issued by both the Financial Accounting Standards Board (FASB) and International Accounting Standards Board, the new standard intends to, as Deloitte puts it, “replace the existing guidance with a single industry-neutral revenue recognition model that will reduce complexity and increase financial statement comparability across companies and industries.” Cited as “the most historic accounting changes to hit US capital markets in decades” by Bloomberg, ASC 606 is going to flip everything in the realm of accounting on its head. And you need to be ready.
Read the full article in Simplus.