One year ago, my column in this space covered 10 initial thoughts on the then-just-issued new standard for revenue recognition. I was pretty upbeat about what is now ASC Topic 606, Revenue From Contracts With Customers, and I’m happy to say that after a year of working with companies, participating in the Joint Transaction Resource Group for Revenue Recognition (TRG), and thinking about how I will update my revenue recognition book to deal with Topic 606 next year, I’m still upbeat.
Of course, in the past year I’ve also learned a lot about the new standard and how it will likely be implemented. So, while 9 of my 10 thoughts from last year are still true, here are 10 more thoughts about Topic 606.
