Requirements US-GAAP/ASC

New requirements from the FASB getting closer to IFRS standards require adaption of the existing ASC standards for compliance to US-GAAP.

Therefore, it’s needed, to adopt the different ASC standards also within the different affiliate companies, especially for the affiliated companies in German and Europe, where we, the ACC Group, operate.

ASC 606

Starting with the financial closing period 2018, the new ASC 606 have fully to be applied concerning the revenue recognition process.

The ACC Group is, due to having already accompanied companies within this process, your reliable partner with comprehensive experience to support companies in fulfilling the requirements hereunder.

We also have widespread experience in the implementation and change management process of SOX 404 and can therefore also support SOX requirements, that came out of the setup of new standard ASC 606 for the SOX 404 revenue recognition process. 

Some important points we have collated by the attached presentation.

Download here

ASC 842

The new standard is a closer adaption to the IFRS 16 and has first to be accomplished for the financial closing of the year 2019.

There is comprehensive analysis needed depending on the branch and the business model the different companies are applying, to identify and assess the leasing contracts and different other contracts than can probably run under leasing agreements, due to the new ASC 842 standard.

To comply with this new rule, it would be a pleasure for us to support you in the implementation of the new standard for 2019.

Some important points we have collated by the attached presentation

Download here