FIRST 2018 is the new income recognition module of FORCAST designed to address ASC 606 revenue recognition requirements. All FORCAST subscription clients will automatically be upgraded with this enhancement during their 2018 annual renewal term. FASTv7 users who need to upgrade and all new users can obtain the software by purchasing an annually-renewable subscription contract.
Demonstrations and installations will be available on a timely basis once the guidance has been finalized for use with audits starting after December 15, 2018. To preregister for the FIRST 2018 early adopter software installation queue, contact any of our senior consultants; Mike Hopper, CPA, Amy Lampo, ASA, AV Powell, ASA, Molly Shaw, ASA, or John Valorz, CPA.
Please bookmark this webpage and check back: (i) for software release updates; (ii) to obtain schedules for our 2018 educational presentations and webinars in regard to implementing the AICPA guidance; and (iii) to download our forthcoming ASC 606 Position Paper.
For more information regarding ASC 606 contact Mark Ross, CPA; a partner with Baker Tilly Virchow Krause, LLP, and their National Healthcare Practice Leader. Mr. Ross is a member of the AICPA’s Revenue Recognition Task Force that is analyzing the financial impact of ASC 606 on all healthcare providers and he is chair of the subgroup that is examining issues specific to CCRCs.