The FASB’s new accounting standard ASC 606 is effective for privately-held companies as of January 1, 2019.
As a key decision maker in a privately-held company, you may have heard the horror stories of countless hours and dollars spent by public companies as they struggled to adopt the new revenue standard. Don’t let the nearly 1,000 pages of guidance frighten you. Anchin’s experts understand the key issues affecting your industry and can provide insight, guidance and resources to help ease your transition to the new standard. As a firm solely devoted to private companies we strive to make the complex understandable.
Potential Challenges
ASC 606’s new five-step model is a fundamental change from prior GAAP and may have significant impact on companies of all sizes. Anchin can help you determine how the new revenue model may affect your business by guiding you to:
- Navigate the complexities of the standard including new terminology and concepts such as: variable consideration, multiple performance obligations, contract modifications, potential contract assets and the disclosure requirements
- Understand the impact the new standard may have on your business practices and how the standard may help achieve improvements.
- Understand the effects of ASC 606 with the TCJA
- Provide you with the understanding of the new standard so that you can confidently illustrate its effects on your company’s operations with outside parties
- Understand how the new standard may affect your bottom line, compensation arrangements and, financial covenants
Anchin saves you time by assisting you with these challenges in a timely, accurate and cost-effective way.
Why Anchin?
- Unparalled partner attention and stewardship.
- Industry-specific thought leadership and guidance on ASC 606.
- Nearly 100 years of experience advising companies on assurance, advisory and tax issues.
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