You know your business is unique. Depending on what you offer, what industry you focus on, and even where you’re located, you’re bringing some type of unique value to your clients. The way you manage your accounting can also be very different from other businesses. Some industries have certain ways of managing contracts while others take an entirely different approach.
ASC 606, the revenue recognition update from the FASB entitled Revenue from Contracts with Customers, affects most every business dealing with contracts in some way. The main objective for this update is to
That said, there are a few industries that will have to make more modifications than others, whether it be the timing of their services or the nature of their products. Telecommunications, aerospace, construction, asset management, real estate, and
There is a lot of information out there today about ASC 606, and a lot of it can make you go cross-eyed if you let it. Ultimately, this update may call for more detail in your financial statements so that everyone is better informed. You as a company need to communicate appropriately to your stakeholders, and stakeholders need to do the same. Tracking more detail can cause some headaches, but is well worth it in the long run.
No matter your industry, BTerrell group is making it a priority to understand ASC 606, Revenue from Contracts with Customers, from A to Z. Leave the fine print, financial jargon, and industry reports to us and give us a
By BTerrell Group,