When are we going to have a discussion that ASC 606 is a dumb standard that confuses 95% of companies.

likehelpful
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When I get done charging clients to help them figure it out.

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Job security

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I wonder if FASB is purposely making standards complex to provide job security for accountants by ensuring we dont get replaced by AI lol.

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Apparently, we're having the conversation right now

likefunny

ASC 606 made sense in an attempt to converge revenue on a global basis.

Lease standard was the dumbest one yet. 606 changed recognition. Lease standard did nothing except make it easier for idiots who couldn’t read FS to ask questions about information that already existed.

likefunny

As a matter of practice, ASC 842 is perhaps the dumbest standards change in the past decade or so. Conversely, asinine shit like that helps us maintain our lifestyles of moderate comfort!

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Every major new standard has been that way recently

As usual, standard setters trying to justify their existence

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