With the new Revenue Recognition rules (ASC 605/606) which come into effect on January 1, 2018, companies are scrambling to comply with the new regulations. ASC 605/606 regulations require companies to report revenue using their 2017 methodology (ASC605) compared to revenue recognition using the new revenue recognition regulations (ASC606). The year 2018 represents a transition year, as companies will be required to present comparative financial statements using both the old and new revenue recognition rules. From January 2019, companies will report revenue using the new revenue recognition guidelines.
This webinar presents will examine the revenue reporting requirements required by the ASC 605/606 regulations. The presentation will examine the general reporting compliance requirement, as well as the different options available to companies to meet the ASC605/606 reporting requirements:
1. General Reporting Requirement: Disclosures, Nature and Timing of Cash Flows
2. Simplified Reporting Option: Cumulative Change: One time, cumulative impact.
3. Comprehensive Reporting Option: Backwards Looking: comparative over 3 years.