Revenue is a key performance indicator of how well a clinical laboratory is able to grow and achieve its long term business goals. Therefore, it’s of no surprise leadership teams are putting forth diligent effort to understand how the new revenue recognition accounting standard — FASB ASC 606 — will affect their organizations. These changes could impact top line revenue recognition and result in modifications to processes and internal controls over financial reporting.
Quadax recognizes implementing the new standard will require a high level of effort from most clinical laboratory companies. Our team of professionals can help evaluate and address the impact of FASB ASC 606 to help laboratory companies manage revenue recognition.
Download this white paper to help your clinical laboratory company successfully implement the new standard by providing an understanding of:
√ Purpose of FASB ASC 606
√ Impact on clinical laboratory companies
√ FASB’s Five Steps
√ Key considerations prior to transition
√ Quadax as your partner to solve for FASB ASC 606 compliance