The ASC 606 adoption date—the biggest accounting guidance change in recent history—is past due for public companies. However, according to a 2017 survey conducted by EY, 34% of US public company CFOs said they are behind schedule.
In fact, a whopping 71% said their revenue recognition programs are not complete. Meanwhile, private companies are finding themselves in the same position that public companies were in a year earlier: figuring out where and how to start the ASC 606 adoption process.
While their public counterparts learned through a series of trial-and-errors on picking the right adoption approach, private companies now have the luxury of learning from these many lessons. The key to doing so is action.
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