Applying new revenue guidance in manufacturing

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Industry insightsDates for implementing the new revenue guidance, ASC 606, Revenue from Contracts with Customers, are right around the corner – Jan. 1, 2018, for calendar-year public companies and Jan. 1, 2019, for calendar-year private companies.  

Management and audit committee members of manufacturers need to consider a number of items as they look to apply the rules:

  • What contract terms to watch for
  • What an auditor will look for
  • What questions to ask and how to stay on track

These points, detailed in Grant Thornton’s bulletin Implementing the new revenue guidance in the manufacturing industry: A progress check for management and audit committees, serve as a conversation starter. Executives and the audit committee can use them to engage parties involved in the implementation process, all the while remembering that the revenue guidance is a cross-functional exercise that requires extensive coordination between tax, sales, IT and others.

Review our bulletin to learn what you need to know