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Connor Group continues to be among the industry and thought leaders assisting clients with implementation of ASC 606, the new revenue recognition guidance that is scheduled to go into effect at various points over the next couple of years (or months! for the early adopters). Many of our clients and friends in the industry are already familiar with the comprehensive ASC 606 slide deck we first released in late 2014 and subsequently updated on a regular basis to keep up with the evolving guidance and emerging interpretations of the new standard.
We have just completed and released the November 2016 version.
Among other changes, we have added new slides that summarize the ASC 606 issues in the software industry and differences between ASC 606 and its IFRS equivalent IFRS 15, reflected the impact of the pending clarifications in the September 2016 ASU exposure draft on recognition of receivables and contract liabilities, and added a slide “How to start implementation” which presents several ways we have seen and helped companies take their first pass at ASC 606.
The November 2016 updated slide deck can be downloaded here: 201611 ASC 606 New Rev Rec Standard (Slide Deck).pdf. Please feel free to reach out to us firstname.lastname@example.org if you would like to learn about how companies tackle technical accounting and implementation challenges, and how Connor Group assists clients with their adoption of ASC 606.