Will You be Ready for New Revenue Recognition Reporting in January 2019?

 

Let our Revenue Recognition Sherpas walk you through ASC 606 planning and implementation.

 

Virtually every business in the U.S. will need to have plans in place and begin using new revenue recognition and reporting practices in less than six months to comply with the new ASC 606 standard by December 31, 2019.

Time is Running Out to Prepare for ASC 606

The new revenue recognition standard, also known as ASC 606, is the biggest change to U.S. generally accepted accounting principles (GAAP) in decades. It requires that businesses change how revenue and certain costs are identified, recognized, recorded and presented on both balance sheets and income statements, and significantly expands revenue disclosures. The December 31, 2019 deadline means businesses should begin using the new processes on January 1, 2019 so adequate information is available for year-end disclosures. The effects of ASC 606 will be felt throughout companies and every department will need to be prepared to ensure a smooth transition.

Let WBL’s Rev Rec Sherpas Guide You

The revenue recognition experts at Williams Benator & Libby will serve as your Revenue Recognition Sherpas, guides who understand the terrain and provide the tools and resources to make sure you and your company arrive at the December 31, 2019 deadline in the best shape possible.

WBL’s Revenue Recognition Sherpa Program will answer your questions, bring internal stakeholders to the table, and guide you through the planning and implementation process so the transition is as painless as possible.

The Revenue Recognition Sherpa Program includes:

  • Whitepapers and short videos to share with your team (August 2018-December 2019)
  • In-person training event for CPE credit (October 2018)
  • One-on-one and team meetings at your company to assess potential impacts of the new rules and discuss business plans (October–December 2018)
  • Expert reviews of your plans and assessments, and testing to ensure your new processes will meet the new revenue recognition requirements (November 2018—August 2019)

Ready to get started? Contact your WBL engagement team, or Benny Herman, Senior Manager, at 770-512-0500 or bherman@wblcpa.com.