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Early Adoption of ASC 606, Revenue From Contracts With Customers: First Glance

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Dec 22, 2016

On December 22, 2016, Audit Analytics released a blog summarizing their findings resulting from a preliminary analysis of recent public filings where reporting issuers discuss their effort towards the implementation of IFRS 15.

In a recently released tool for the Audit Committees, the Center for the Audit Quality stated that it is “urgent that audit committees understand how management is assessing the impact of the new revenue recognition standard”. ASC 606 (which is based on ASU 2014-09, Revenue from Contracts with Customers) is effective starting with annual reporting periods beginning after December 15, 2017. Early adoption is permitted for fiscal periods beginning after December 15, 2016. The implementation is expected to have a material impact across the broad range of the industries.

Review the blog on the Audit Analytics' website.

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