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Disclosures will be key under new revenue rule, group says

Tammy Whitehouse | January 16, 2018

In a year-end gut check session to compare notes on their final preparations for the new revenue recognition rules, accounting leaders concluded companies will have to be vigilant in fulfilling various disclosure obligations as they transition to the new accounting.

A revenue recognition working group of the Financial Executives International’s Committee on Corporate Reporting discussed some of the challenges many companies are experiencing as they transition to the new accounting under Accounting Standards Codification 606, especially in assuring they can properly disclose remaining unsatisfied performance obligations. Companies reported to the group anecdotally that they were still working through how to capture the amount and nature of information needed to prepare the disclosure, which is meant to give investors some indication of the...

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