Revenue Recognition Resource Center
The deadline for non-public business entities to adopt the new accounting guidance in revenue recognition standards (ASC 606) for contracts with customers is here. This new standard will be effective with reporting periods beginning after December 15, 2018 (calendar 2019) and will require retrospective application to the prior accounting period. Effectively, the new standard will change the method of recognizing revenue from cost-to-cost percent complete to percent physically complete. While the majority of companies have started analyzing the impact of the new standard, few have taken the next steps toward implementation.
To help you prepare for the new revenue recognition standards, Dannible & McKee is pleased to present our Revenue Recognition Resource Center. Below are several tools, guides and articles to help with your company’s revenue recognition.
Tools and Guides:
- CICPAC Contract Abstract Analysis Tool
- CICPAC Revenue Recognition Implementation Guide
- CFMA Revenue Recognition Implementation Guide
- Revenue Recognition Readiness Assessment Checklist