ASC 606 Adoption Help is Here

January 31, 2017

By Jim Staats, Senior Account Manager at Zuora

Cavalry, n., ca-val-ry, from French cavalerie or cheval ‘horse,’ soldiers or warriors who fought mounted on horseback. Historically, the cavalry had the advantage of not only improved mobility, but greater height, speed and inertial mass over an opponent on foot.

Hey folks, while it is true the cavalry has arrived for those struggling with the adoption of ASC 606, we’ll come right out and say it, horses probably aren’t involved.

Wait, wait, don’t go, hang tight, this is still important!

The following resources are the pre-ASC 606 equivalent of the improved mobility, height, speed and, yes, inertial mass battle readiness of a horse-bound warrior, minus the lingering backside soreness, we assume.

As reported in AccountingWEB and elsewhere, the American Institute of CPAs (AICPA) recently released a still-compiling industry-specific online guide for the accounting and auditing impact of the new standard.

This long-gestating guide, the 157-page-to-date Audit & Accounting Guide on Revenue Recognition is the result of the combined effort of multiple task forces by industry, in concert with the AICPA’s Financial Executive Reporting Committee and others, to gather responses to key issues brought up by various companies and nonprofits.

Individual task forces have been diligent in efforts to identify and address issues industry-by-industry over the past year, with more forthcoming. The next inclusions will be from aerospace, defense and asset management, among others. The beauty of the online-ability of the guide means updates are frequent, pain-free and increasingly informative. C’mon, full-on cavalry, right?

Additionally, Zuora has put together a carefully choreographed “RevRec Implementation Action Plan,” built to provide the necessary resources and information for a step-by-step guide through adoption of the new revenue guidelines of ASC 606 / IFRS 15.

The action plan offers advice and recommendations from start to finish, and each critical point in between, through a variety of media including webinars, published material and podcasts from our in-house experts and network of experienced professionals.

Visit our 2017 RevRec Action Plan catalog to view all material published to date.

Horses or not, the cavalry has arrived…..