The implications of financial reporting under ASC 606

Historically, consulting and service organisations have enjoyed a large degree of flexibility with regard to cost and revenue recognition under General Accepted Accounting Principles, GAAP legislation. 

This degree of variability and to some extent, subjectivity, in financial reporting has created a lack of clarity that made it tough to value and compare businesses, complicating investor decision making. 

In this whitepaper we’ll look at: 

  • what ASC 606 is and why it was implemented 
  • what are the considerations for a business aligning its processes and 
  • reporting to achieve compliance with ASC 606 
  • what are the implications and new requirements for the control software used by these organisations

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