General Inquiries

ASC 606 - Revenue Recognition Standard - Are there any early takers out there?

  • 1.  ASC 606 - Revenue Recognition Standard - Are there any early takers out there?

    Posted 24 days ago
      |   view attached

    Just reaching out to my CFMA community to see if anyone has implemented the new ASC 606 – Revenue Recognition Standard as either a public company or an early adopter private company.  We are seeing some possible benefits of early adoption that include the recognizing of revenue in relation to outstanding claims that may affect the contract amount, cutting the workload in half by early adoption this year – since it will be mandatory next year, and management's involvement in a more transparent financial statement that will be a benefit to its users including banking, surety, and its owners.

     

    I have attached a quick read on some research that came through...let me know if there is anyone out there - or -  if we are on an island as an early adopter...it would not be the first time we got our feet wet first!

     

    Thanks,

     

    Randall E. West, CCIFP

    Controller

    randall@tannerconstruction.net

    (601) 477-3820 - Office

    (601) 477-9180 - Fax

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