Five ways the new accounting standard for revenue recognition can affect your business
Five ways your business could be impacted by the revenue recognition accounting standard change (ASC 606)
Audit and assurance services for private companies
We understand that audit requirements are different for private companies and “one size does not fit all.” PwC’s Private Company Services are experienced in working with business owners and the unique aspects of private companies.
We provide a streamlined approach for private company audits. Working closely in collaboration with you through the audit process, we are able to bring practical insights around issues such as financial effectiveness and internal controls.
Revenue recognition for private companies
With the deadline for the FASB standard change (ASC 606) for nonpublic companies approaching in January 2019, private companies should start determining their next steps now.
In part one of a three-part series on considerations private companies should take in the adoption of ASC 606, read why companies need to start thinking about implementation of the new standard and the methods of adoption available. Revenue recognition for private companies also includes a helpful matrix of the extended ASC disclosure requirements, along with the nonpublic elections.
Click here for additional information about revenue recognition.
Does my company need an audit?
There are times when an audit is either required or undertaken to provide a full picture of the company’s financial position and operational results.
A quality audit can facilitate your company’s access to capital and having audited financial statements readily available makes good business sense.
A quality audit for your company will help you:
- Be prepared for the changing needs of your company
- Better understand your organization’s weaknesses and strengths
- Be more confident in your business decisions
- Have more insight into your operational effectiveness, controls and risk
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Quality audit: How experience and execution enabled a fast-growing company to make a significant acquisition
The ability to adapt to change is a key element of a company's ability to compete. This is particularly true of fast-growth companies; as the size and structure of an organization rapidly changes, management will often be faced with unfamiliar challenges and opportunities. In many situations, the benefit of experience can mean the difference between success and failure.
Why work with PwC?
We understand that the audit requirements are different for private companies. Using a streamlined approach to audits, our sophisticated tools drive efficiencies and create a collaborative working relationship.
Hot topics for private company audits
Private company audit: A collaborative approach
Our audit strategies, advice and counsel does not end when your deadlines are met. We stay with you every step of the way. Some of our audit services include:
• Accounting advisory services
• Risk assurance including third party assurance
• Internal audit assistance and outsourcing
• IFRS readiness and conversions
• Financial statement assurance
Insights
The new revenue recognition standard: it's time for private companies to get started
FASB standard change (ASC 606) challenges and impact on private companies services.
Private company reporter
The latest in private company financial reporting developments.
Growing your business™ — Profitability 2.0
Many private companies will have to do things differently if they're to boost their profitability. See how in the latest issue of PwC's Growing Your Business.
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Shawn Panson
US Private Company Services Leader
Tel: +1 (646) 471 6101
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