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.
News
- Anchin: Personalized Accounting Services for Holistic GrowthJune 18, 2021
The COVID-19 pandemic has presented challenges to accounting firms and their clients, many of whom are still working on a strategy to combat this unprecedented situation. While CFOs and other finance professionals spent much of 2020 addressing the pandemic's hardships, in 2021 they will likely be shifting their focus toward implementing long-term plans to position their organizations for growth and profitability. Despite its toll on people and businesses, the pandemic has created an opportunity for accounting firm leaders to influence positive outcomes by reevaluating and adjusting their goals and executing wellthought-out strategies. As a result, advisory services are among the fastest-growing segments for firms such as Anchin, one of the country's leading accounting and advisory firms. Since the onset of the pandemic, Anchin’s team of professionals have made it a priority to assist their clients through COVID-19 related hardships including guiding clients through the transition to remote working, evaluating cash flow and costs, and providing them with continuous information and updates on the Paycheck Protection Program (PPP) and other incentives and programs.
- Anchin: The Virtual Strategist CFOJune 12, 2020
Chris Noble explains how Anchin's outsourced accounting services group, now rebranded as the Client Accounting Advisory Services Group (CAS), is a natural extension of Anchin's proactive client service model.
- The Impact of the New Revenue Recognition Standard for Public Relations, Advertising, Digital Media and Technology/Software CompaniesDecember 17, 2019
Resources from our 12/17 session covering the five-step model and industry specific considerations for Services companies, including PR/Advertising/Media and Technology.
- The Impact of the New Revenue Recognition Standard for You and Your Consumer Products BusinessNovember 12, 2019
Resources from our 11/12 session covering the five-step model and industry specific considerations for Consumer Products companies.
Social Media
