Making the Move to ASC 606: What to Know
If your company is public, the ASC 606 adoption date is in your past. If your company is private, you have this year to adopt the biggest change in recent accounting guidance. What seemed like a long road ahead is now disappearing – or gone. After understanding ASC 606, or IFRS 15 if you are outside the US, and the operational implications, your company needs to develop a plan of action.
Download this article today to learn about the three steps you need to take now to comply on time without losing your sanity:
Accounting Assessment: Decide if your company should adopt ASC 606 via the modified retrospective or the full retrospective transition approach.
Data and System Assessment: Refine your historical data and make sure it creates a good foundation for the ASC 606 system design.
Operational Assessment: Assess the impact of ASC 606 adoption so you can streamline the process for your entire organization.