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Companies adjust revenue disclosures, grapple costs

Tammy Whitehouse | February 5, 2019

Nearly three-fourths of chief finance and information officers in a recent poll said they made changes to their revenue recognition disclosures after their first reporting under the new standard more than a year ago, and a similar number said adopting the standard cost far more than they projected.

Only 29 percent of CIOs and CFOs at both public and private organizations in a recent EY survey said they made no changes to their revenue recognition disclosures since their first quarterly filing observing Accounting Standards Codification Topic 606. ASC 606 took effect for public companies on Jan. 1, 2018; the standard gave private companies an additional year to prepare.

The Securities and Exchange Commission signaled in 2018 that it believed some companies needed to...

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