Revenue Recognition Accounting Services
Recognizing revenue is hard work—the new rules add a whole new layer of complexity when resources and skills are tight. We can get you through it.
Taking on ASC 606, the Revenue Recognition Standard
ASC 606, the revenue recognition standard, has been a huge undertaking as it shook up how finance teams thought about revenue, by introducing new definitions, concepts and examples. Fortunately, for companies that have yet to implement ASC 606, Revenue from Contracts with Customers, they can learn from the many lessons learned from the implementation experiences of others and ensure that revenue is properly recognized under the new accounting standard. Finance and accounting consultants who are experts in revenue recognition accounting can take them through what can be an incredibly complex process and make it as seamless as possible.
How to Get Up-to-Date With the Revenue Recognition Standard
The Financial Accounting Standards Board took years to decide what the new standard would look like, how it would converge with IFRS, and erase decades of industry-specific guidance to create one, all-encompassing revenue recognition standard for the private sector. Then multiple delays were issued as it became clear the implementation process was complicated and companies would need time to adjust to the new standard. Now that it’s effective for all companies that follow GAAP, there continues to be a need to stay on top of the standard, in terms of best practices and expert interpretations.
Understanding How to Apply the New Revenue Recognition Standard
Finance and accounting experts can walk you through understanding the new standard, lead the entire implementation effort, and train and mentor the team after adoption. Some of the key points in the standard include:
Why Choose ZRG?
Any major accounting change will put pressure on existing resources. To ensure that the accounting standard is implemented properly, and as efficiently as possible, companies can save significant time by turning to technical accounting experts who know the revenue recognition inside and out.
