Technical Accounting

Revenue Recognition: ASC 606

ASC 606 is the new revenue recognition standard that affects all businesses that enter into contracts with customers to transfer goods or services – public, private and non-profit entities. ASC 606 was effective for private companies in 2018. Give us a call if you need help implementing ASC 606 as it applies to your contracts.

Opening Balance Sheet

Opening balance sheet accounting is defined under the rules of ASC 805 - Business Combinations. Our experts have experience applying this guidance to transactions to ensure a company’s Opening Balance Sheet is accounted for correctly. Give us a call if you need help constructing an Opening Balance Sheet post-transaction.

Troubled Debt Restructuring

Have you been granted a concession during debt restructuring due to your company’s financial struggles? If so ASC 310-40 - Troubled Debt Restructuring might be applicable to you. Please note there are provisions under the CARES Act that provided relief from the requirements of ASC 310. Give us a call today to discuss your restructuring, and whether ASC 310-40 is applicable to you.