What is Revenue Recognition, and How Will It Impact My Customers/Clients?

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What is Revenue Recognition, and How Will It Impact My Customers/Clients?

11/7/2017 08:30 AM - 10:00 AM (ET)

Agenda
Registration is from 8:00-8:30 a.m. The presentation is from 8:30-10:00 a.m. (includes a 30-minute Q&A session). A continental breakfast will be provided.

Join Wipfli associates for the following complimentary presentation and discussion:
 
ASC 606 (new Revenue Recognition rules) is one of the largest changes to GAAP in nearly 20 years and is far more principles based than existing accounting guidelines. It determines when and how an entity recognizes revenue from its customer contracts.
 
What Does ASC 606 Mean for Lenders?
As a financial institution, you’ll need to understand how the new standards can potentially impact your existing loan portfolios and your future lending decisions. ASC 606 will take months to implement at most companies. It becomes effective for public companies in 2018 and for private companies one year later. So you’ll want to find out:

• Whether your borrowers understand the standard.
• How they will transition to the new rules. What is their plan?
• How the new rules will affect your borrowers’ financial statements and compliance with debt covenants.

What Does ASC 606 Mean for Attorneys?
The deadline for adoption for nonpublic companies isn’t until 2019, but depending on the size and complexity of the project, implementations can range from weeks to several months. There’s a lot to do to help clients make the transition. Attorneys will be busy tackling the following:

• Performing contract reviews
• Drafting new/revised client contracts
• Negotiating amendments to loan agreements
• Reviewing and modifying incentive plans