Tuesday, January 8, 2019
A Look at Climate Change Disclosures

Wednesday, January 2, 2019
Quants: Point-in-Time Data for Backtesting

Friday, December 28, 2018
Now Showing: Controls & Procedures

Thursday, December 27, 2018
A Reminder on Non-GAAP Reporting Rules

Monday, December 17, 2018
Researching PG&E’s Wildfire Risk

Wednesday, December 12, 2018
Tracking Brexit Disclosures

Thursday, December 6, 2018
Campbell Soup: Looking Behind the Label

Sunday, December 2, 2018
SEC Comment Letters: The Amazon Example

Wednesday, November 28, 2018
Measuring Big Pharma’s Chemical Dependency

Monday, November 26, 2018
Analysts, Can You Relate? A True Story

Monday, November 19, 2018
Digging Up Historical Trend Data: Quest Example

Sunday, November 11, 2018
Cost of Revenue, SG&A: Q3 Update

Monday, November 5, 2018
Lease Accounting: FedEx vs. UPS

Saturday, November 3, 2018
New Email Alerting Powers

Wednesday, October 31, 2018
PTC and Two Tales of Revenue

Tuesday, October 30, 2018
10-K/Q Section Text Change Detection

Sunday, October 28, 2018
Finding Purchase Price Allocation

Sunday, October 21, 2018
Charting Netflix Growth in Three Ways

Wednesday, October 17, 2018
Interesting Data on Interest Income

Thursday, October 11, 2018
The Decline of Sears in Three Charts

Archive  |  Search:
ASC 606: So You’re Freaking Out…
Monday, October 9, 2017

You saw it, right? The audit practice alert published last week from the Public Company Accounting Oversight Board? The one guiding audit firms on how they should audit your firm’s implementation of the new revenue recognition standard?

The standard going into force in two months!

Yep, it’s real now. You can’t stall implementation and disclosure any longer.

Thankfully, Calcbench has your back. We have been following companies’ implementation of the new standard for more than a year, and we have several ways you can use our databases to see how other firms are adopting the standard, to judge your own progress.

Above all, we created a new disclosure type: “Revenue From Contracts With Customers,” to help you see what other firms have been disclosing so far. Here’s how you use it.

First, start with the Interactive Disclosure Database. Use the “Choose Companies” function in the upper left corner to create the population of companies you want to study. For our purposes today we’ll use the “Whole Universe” function. You can also read our previous post about how to create peer groups of your own.

You also need to set a disclosure period to search, using the fields on the upper right portion of your screen. In theory, you could search any period (quarterly or annual), but companies didn’t start adopting the new revenue standard until earlier this year. Our recommendation would be to start searching from Q1 2017.

Next, in the “Choose Footnote/Disclosure Type” menu, select “Revenue from Contracts With Customers.” It’s near the bottom of the many disclosure choices Calcbench offers, but it’s there. Also, under the “Full Text Search” box on the right-hand side, check that box that says, “Restrict to specified disclosure type.” (See Figure 1, below, for help.)

Then press “Go” and you get your results. You get a list of companies that are already reporting something under the new revenue standard.

You want to narrow the field even further? Easy. Just enter whatever text string you have into the Full Text Search box. For example, all companies must disclose which of two possible adoption methods they plan to use to implement ASC 606: the “modified” or “full” retrospective approaches. So you could enter “full retrospective” or “modified retrospective” into the text search box, to see which firms used the approach you’re studying.

And don’t forget to read our several reports on companies adopting the new standard: our look at companies in the software sector, and many posts archived on our blog. We’ll have more in the future, too!

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