BTerrell Group Blog

Date: Wednesday, June 22nd at 11 AM PT / 2 PM ET

Are you spending needless hours tracking down project data and manually recognizing revenue?

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Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, is provoking a lot of questions—and for good reason. The update essentially affects all businesses and requires some major updates to reporting and accounting practices. Read on to see if it applies to you, what you need to do, and when you need to make the necessary changes.

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I don’t know about you, but I think it’s easier to change my ways if I know the reason behind it. If I plan to exercise every day, it helps to know by doing this, I will likely lose weight, be healthier and have more energy. The why behind the action makes it a tad more bearable.

The same concept goes for why the Financial Accounting Standards Board (FASB) would make
such a shift in the new Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers. Managing or recognizing revenue is of utmost importance for practically any company in business today and this new update is changing the name of the game dramatically…but why?

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Like many accounting and financial technology professionals, I am busy getting up to speed on best implementation practices for ASC 606, Revenue from Contracts with Customers. ASC 606 takes full effect for both public and private companies within the next several years, and applying the new guidance won’t easily happen without adequate planning and effort. Here are highlights to consider thus far.

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ASU 2014-9, Revenue from Contracts with Customers (Topic 606) makes much of what you and I know about revenue recognition obsolete. The new standard was issued by the Financial Accounting Standards Board (FASB) in May 2014. It takes effect for public corporation  reporting years beginning after December 15, 2017, and for private company reporting years beginning after December 15, 2018. Let’s make this real: a current contract ending on or after either of these two dates must be accounted for under both the new and old guidance this year to enable transition year comparative reporting. That fact makes this immediately relevant to many companies.

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