
Revenue recognition,
the right way.
Depending on the nature of your business, ASC 606 and IFRS 15 may have a significant impact on your accounting practices. ASC 606, set by the Financial Accounting Standards Board (FASB) outlines a 5-step model to standardize accounting practices. The revenue policy is designed to increase cross-industry uniformity for financial statements. IFRS 15 is the international equivalent of this standard set by the International Accounting Standards Board (IASB).