With the upcoming standard change (ASC 606) deadline for non-public companies approaching as soon as January 2019, it can be tricky to know when and where to start.
We've compiled a consolidated list of five ways your business could be impacted that you may not have thought of before. This new standard is intended to improve transparency in financial statements overall.
The advantage of this extended deadline is companies can learn from public companies who have adopted the implementation and use those lessons learned for a successful implementation themselves. Given the complexity of the standard, it's critical to think through the review of all contracts and pay attention to the challenge in that it removes familiar industry-specific practices.
“Given we only had 14 months to complete the entire adoption process and we knew we didn’t have enough internal resources, I was concerned finding a third party to help would be a challenge given the demand for revenue recognition support right now. It truly was an all-hands on-deck process still ongoing today.”
Private Company Services, Revenue Recognition Partner Champion, PwC US