Revenue Recognition (ASC 606)

You can’t be sure that your finance team can implement the required changes on time because you don’t know the extent of the changes you will have to make. Even more compelling is the impact the new revenue accounting rules will have on your business’ forecasting, key performance metrics, accounting policies, financial reporting and budgeting. As your business anticipates the compliance demands for ASC 606 and IFRS 15, avoidance is not the answer. The time for action is now.

Armanino’s team of seasoned auditors, accountants and consultants have extensive revenue recognition compliance and documentation experience, as well as technology and process improvement expertise to support you.

Armanino’s Revenue Recognition and Revenue Accounting services include technical accounting, financial reporting, revenue recognition software evaluations and implementations, business process re-engineering, audit, and much more. Our ability to openly communicate issues and answers with all major auditing firms distinguishes us as a preferred service provider.

Revenue Recognition Gap Assessment Services

Armanino will help you to address the disparity between where your company stands today on GAAP revenue recognition compared to where it needs to be compliant with ASC 606 and IFRS 15.

• Analysis: Armanino delivers a side-by-side comparison of current processes versus compliance required by the new revenue recognition GAAP regulations.
• Planning and Documentation: We provide a comprehensive memo with a plan to address the discrepancies uncovered by the analysis. The memo will include:
  • Gap analysis
  • Potential exposure for the company
  • Areas of the company affected by the new standard and what needs to change
  • Impact on existing metrics as well as budgeting and forecasting
  • Changes to contract terms and conditions
  • High-level dates to meet the implementation and reporting deadline
• Roadmap to Compliance: We focus on people, process and technology augmentation and improvements that will be necessary to adhere to ASC 606 and IFRS 15 along with a timeline to implement. This analysis allows CFOs to report to the Executive Team and Board on next steps and required investments to meet the new revenue accounting regulatory deadlines.

Audit

Our audit experts provide the insight and recommendations needed to ensure your company can address issues that will be critical to compliance well before the 2018 (public company) and 2019 (private company) deadlines.

Our revenue accounting team conducts a strategic evaluation of your existing revenue recognition software systems, your team, your team and your requirements to be compliant with then new ASC 606 and IFRS 15 guidelines. Then we’ll help you select and put in place the proper solution to manage revenue recognition and all other ERP needs for your organization’s future growth plans. Our revenue recognition software solutions include:

• Armanino’s Revenue Recognition Software Solution with Dynamics 365
  Designed to incorporate best practice revenue management intelligence for greater control and reduced accounting errors, as well as stronger audit compliance and greater visibility for revenue forecasting
• Revenue Recognition Software with Sage Intacct Contract Management
  Delivers a solution to reduce the revenue recognition risks of standalone spreadsheets and manual processes that do not scale with your company