RevRec.Pro

New Revenue Recognition Standard On May 28, 2014, the FASB and IASB issued converged guidance on recognizing revenue in contracts with customers. The new guidance is heralded by the Boards as a major achievement in efforts to improve financial reporting. The update was issued as Accounting Standards Update (ASU) 2014-09. It will be part of the Accounting Standards Codification (ASC) as Topic 606: Revenue from Contracts with Customers (ASC 606), and supersedes the existing revenue recognition literature in Topic 605 issued by FASB. ASC 606 is effective for public entities for the first interim period within annual reporting periods beginning after December 15, 2017 (nonpublic companies have an additional year). We at RevRec.Pro and RapidRevRec.com are a full service management consulting firm helping companies to get on as quickly as possible on the new Revenue Recognition Standards. Our business is built on a commitment to service. We create value by serving others to help them achieve their Revenue Recognition goals as per the new standards IFRS 15 and ASC 606. We serve through the person or the project by advising, managing, implementing or supplementing to help clients move from startup to exit. Our team is comprised of professionals who understand the business goals of our client’s and provide technical expertise delivering rapid solutions to help our clients achieve their goals.