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

Download our white paper: Staffing Company Considerations for Implementing New ASC 606-Revenue for Contracts with Customers Rules

Read our blog: DO MORe NOW: Five Reasons Why Time is of the Essence to Implement ASC 606

 

Let our Revenue Recognition “Sherpas” be your guides through ASC 606 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-Revenue from Contracts with Customers, 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 compliance 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 January 1, 2019 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 
  • Invitation-only CPE training event for CFOs, Controllers and other executives 
  • One-on-one and team meetings at your company to assess potential impacts of the new rules and discuss business plans 
  • Expert reviews of your plans and assessments, and testing to ensure your new processes will meet the new revenue recognition requirements 

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