In 2014, the Financial Accounting Standards Board (FASB) adopted a new revenue recognition standard that goes live in 2018. Public companies should apply the new revenue standard to annual reporting periods beginning after Dec. 15, 2017. But so far, implementation of the standard has been spotty and, according to a new survey by Compliance Week and Workiva, many companies need to get to work immediately if they wish to be ready for implementation by the end of the year. And even then, questions still linger as to how companies will be affected by the sweeping new approach to recognizing revenue, let alone how to implement the new requirements.
