Kerper and Bowron LLC

400 Vestavia Parkway, Suite 131

Birmingham, AL 35216                   205-588-4028 (Main)

© 2019 by Kerper and Bowron LLC

Are You Ready for ASC 606?

May 14, 2019


ASC 606 will have a major accounting impact for any entity which receives contingent commissions. In general, you will be required to recognize any estimated future commissions as revenue at contract inception.


In 2014, the Financial Accounting Standards Board (FASB) released Accounting Standards Update 2014-09: Revenue from Contracts with Customers and created Accounting Standards Codification (ASC) Section 606. For private companies, this standard is effective for annual reporting periods beginning this year.


Kerper and Bowron LLC can assist you with estimating the future profits of your contracts at the time of sale and provide necessary support for auditors.

 

For more information, see https://www.kerper-bowron.com/asc-606

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