In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606 or ASC 606). This ASU introduces a new comprehensive model for revenue recognition, which will replace virtually all of the previously existing revenue recognition guidance in U.S. GAAP.
We encourage you to get started and remain focused on the ASC 606 implementation process as January 2018 (the effective date for calendar-year public companies) approaches. If you have not started to analyze the impact of the new standard, the time to act is now. We hope that you find this publication provides you with a convenient summary of the new guidance and key differences between current GAAP and Topic 606, and we look forward to assisting you through the ASC 606 implementation journey.