The new standard corrects revenue recognition inconsistencies in previous guidance (ASC 605), improves comparability of financial statements, and simplifies the preparation of those financial statements
Learn about market-leading 3rd party revenue recognition software products that accelerate adoption of ASC 606 compliance across all entity types, industries, and revenue recognition requirements scenarios
August Consulting is focused on only one mission: To improve Finance’s operational excellence through integrated business process improvement and Finance IT architecture-centric technology enablement — and for most CFOs today — that focus is centered on their top priority: the successful adoption of the new revenue recognition standard, ASC 606. We live, breath, and eat Finance op-ex – specifically ASC 606 adoption — and the business processes and technology solutions that enable it.
ASC 606 heralds a shift to more subjective principles-based guidance requiring exceptional judgment both in interpreting the guidance and implementing ASC 606-compliant processes and IT solutions that enable it. Honed through our deep understanding of the ASC 606 guidance and the depth of our delivery teams’ experience implementing it, August Consulting’s judgment is considered exceptional by the only standard that matters: our customers’ continued commitment to engage with us.
ASC 606 adoption involves powerful and often competing forces — internal accounting/revenue management, corporate IT, 3rd party accounting advisory partners, and external 3rd party rev-rec technology software companies — vying for Finance organizations’ attention. August Consulting’s posture in such circumstances is driven by one mantra: exercise our best judgement as an unbiased principal in conversations with all interested parties to the benefit – and only to the benefit – of our customer.
Commitment To Shared Values
We choose to engage with customers that share in our values of integrity, exceeding expectations, and customer first. Improving Finance strategic and tactical execution – and specifically, the successful adoption of ASC 606 – is our life’s work. It takes teamwork, straight-forward communication, the commitment to excellence — and more — to serve our customers in accordance with these shared values. If we cannot commit to those terms, we choose not engage.