{"id":1367,"date":"2019-06-14T14:00:35","date_gmt":"2019-06-14T21:00:35","guid":{"rendered":"https:\/\/addison.lwh.dev\/insights\/troubleshooting-asc-606\/"},"modified":"2019-06-14T14:00:35","modified_gmt":"2019-06-14T21:00:35","slug":"troubleshooting-asc-606","status":"publish","type":"post","link":"https:\/\/addisongroup.com\/insights\/troubleshooting-asc-606\/","title":{"rendered":"Troubleshooting ASC 606"},"content":{"rendered":"\n<p>Private equity CFOs are certainly\nin a challenging position. While it is a slightly different role than you\u2019ll\nsee within the public sector, the great thing about it is that they can still\nlearn from the challenges and obstacles that the public industry faces. This is\nespecially true when it comes to ASC 606, as we\u2019ve already seen how it impacted\nthe private industry last year. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What is ASC 606?<\/h3>\n\n\n\n<p><a href=\"https:\/\/www.aicpa.org\/interestareas\/frc\/accountingfinancialreporting\/revenuerecognition\/downloadabledocuments\/2014-09_liplan.pdf\">ASC 606 is a new standard<\/a> that influences when and how a company recognizes revenue. And yes, this will impact private companies as well\u2014it was adopted January 1, 2019. While there were certainly a lot of issues in the public sector, private companies can learn from those and move forward at a faster, more secure rate. <\/p>\n\n\n\n<p>Essentially, proper revenue\nreporting is the cornerstone to company success, but it also provides critical\ninsight that may influence investor interest in a company. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What Can Private Companies Do?<\/h3>\n\n\n\n<p>The best thing that the private industry can possibly do is stay ahead of the issues. Being prepared for the potential fallout and concerns of investors is almost a guarantee. Let sponsors in on the process and be as forthcoming as possible about what the new revenue reporting looks like. <\/p>\n\n\n\n<p>Not only will this keep the\ninvestor\u2019s confidence intact, but it will help the business run more smoothly\noverall. <\/p>\n\n\n\n<p>You\u2019ll likely experience shifts in\nrevenue swings, and while this is expected, a good CFO will know how to ride\nthat wave so that the company remains on task and investors understand the\nimpact. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Getting Back to the Basics<\/h3>\n\n\n\n<p>While ASC 606 is likely to create some confusion and even possibly some upset initially, a quality CFO will utilize their strategic thinking to ensure that the financial climate remains as consistent as possible. This will mean utilizing good judgment, quality communication, and remaining calm during any type of revenue rollercoaster created.<\/p>\n\n\n\n<p>&nbsp;After all, it\u2019s the skill and ability of the CFO that ensures that new standards don\u2019t totally overtake a company\u2019s ability to thrive. Only those that have such skills will be able to troubleshoot their way toward success. &nbsp;<\/p>\n\n\n\n<p>You may also enjoy,  <a href=\"https:\/\/dlcinc.com\/understanding-asc-842\/\">Understanding ASC 842<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Private equity CFOs are certainly in a challenging position. While it is a slightly different role than you\u2019ll see within<\/p>\n","protected":false},"author":9,"featured_media":578,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[11],"tags":[],"post_function":[],"post_audience":[],"class_list":{"0":"post-1367","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-article"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Troubleshooting ASC 606 - Addison Group<\/title>\n<meta name=\"description\" content=\"ASC 606 is a new standard that influences when and how a company recognizes revenue. 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