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WHAT ADVERTISING COMPANIES NEED TO KNOW About The New Revenue Recognition Standard
As we march toward its adoption, ASC 606, Revenue from Contracts with Customers, is on the mind of every CFO and controller. The new revenue recognition standard is a sweeping set of new regulations that all of the major accounting firms agree may constitute the biggest accounting change the world has seen in over a decade. According to the Financial Accounting Standards Board (FASB), the new standard: removes inconsistencies and weaknesses in existing revenue reporting requirements; provides a more robust framework for addressing revenue issues; improves comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets; and provides more useful information to users of financial statements through improved disclosure requirements.
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