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A Guide to ASC 606 and IFRS 15 for Professional Service Firms

New revenue recognition rules

ASC 606 and IFRS 15 affects most service firms including accounting, engineering, technology and business consulting. Any service firm that accepts complex contracts for projects to be delivered over time needs to be compliant with IFRS 15 and ASC 606.

Simplifying the New Requirements

Revenue recognition has evolved into a complex and confusing set of regulations and requirements which tend to vary in practice from industry to industry and country to country.  This valuable guide provides:

  • A practical, 5-step model for determining and recognizing revenue
  • Insights on how ASC 606 impacts companies in different ways—both positive and negative
  • Five Best Practices for successfully implementing the standard