Revenue-Recognition-Blog.png
Subscribe

Revenue Recognition - ASC 606 Roundup: 09/25/2018

Posted by Graham Hulme on Sep 26, 2018 6:19:03 PM

This week’s edition covers notable news articles and SEC Filings that focus on ASC 606.

To quickly identify ASC 606 information in the below links, click on the link, hit Control + F, enter the text “606” or “2014-09” or "ASC" and click through your search results.

 

Useful Information

LEXOLOGY, “Weekly IRS Roundup September 17 - 21, 2018”, by McDermott Will & Emery - Kevin Hall:

https://www.lexology.com/library/detail.aspx?g=2500487c-eca2-40a8-ab30-74d1943d42c3

Our thoughts:  See the September 19, 2018 section where it details that the IRS published Revenue Procedure 2018-49 “which allows taxpayers that early adopted a method of revenue recognition to change such method to one described in Section 16.11 of Revenue Procedure 2018-31”. 

 

SEC Filings

Salesforce.com, Inc.: EX-99.1 of 8K:

https://www.sec.gov/Archives/edgar/data/1108524/000110852418000069/ex9912018investorday.htm

Our thoughts:  This is an “Investor Day” document the company submitted that does an outstanding job of putting forward ASC 606 information in clear terms for the reader.  It has many value points in terms of the quantitative data presented in addition to a strong qualitative presentation.  See pages 6, 7, 41 through 46, and 55 through 57 for representations (primarily charts and graphs) of key ASC 606 concepts and impacts that the company put forward.  A very strong presentation; worth a read.

 

Fonar Corporation, 10-K:

https://www.sec.gov/Archives/edgar/data/355019/000035501918000039/fonar2018_10-k.htm

Our thoughts:  Page 32 offers a clean, to-the-point, presentation of the company’s assessment of ASC 606 and its impacts.  Notably, the company points out how ASC 606 requires it to report an implicit price concession and how that impacts its accounting policies. Additionally, the company explains why it used a portfolio approach to apply 606.

 

ASC 606 is not a challenge your company has to face settling for limited functionality in existing systems or through high risk manual efforts.  SOFTRAX provides superior experience, knowledge, products, and services to address your company’s ASC 606 needs.  We encourage you to visit http://www.softrax.com/about/contact-us to learn more about SOFTRAX and the value we can provide for your company’s ASC 606 adoption. 

Topics: Revenue Recognition, ASC 606, IFRS15, SEC Comments

Leave A Comment
    
Subscribe Revenue Recognition Blog

Subscribe Today

Get The Latest Softrax revenue recognition Blog Posts Delivered Straight to Your Inbox!

Let Softrax Help You Automate Revenue Recognition Processes