Blog Post The New Revenue Recognition Standard: Guide for Asset Managers
The New Revenue Recognition Standard: Guide for Asset Managers
Our Alternative Investments team has crafted a guide to keep you informed on ASC 606.
In an effort to address concerns surrounding the inconsistencies and weaknesses in existing accounting for revenue transactions, Accounting Standards Codification 606, Revenue from Contracts with Customers, (“ASC 606”), establishes a principles-based approach for revenue recognition (regardless of industry or geography).
Our guide provides a reference for how to define customer and revenue types from contracts to help you comply with ASC 606.
If you have any questions about the information contained in this guide or the alternative investment services Richey May provides to the industry, please reach out to your Richey May tax professional or contact Stephen Vlasak.