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Revenue 2.0: Work continues to adapt to new rules

Tammy Whitehouse | July 20, 2018

Even after calendar-year companies have filed their first-quarter reports reflecting a new way to recognize revenue, work continues to adapt to the new rules.

As companies close the books on their second quarter, they’re studying peer company reporting, conversing with their auditors, and anticipating comments from the Securities and Exchange Commission about their first-ever filing under the massive new revenue recognition standard. For many, it may mean reconsidering disclosures or even adjusting the accounting, experts say.

“On the accounting side, we’re seeing some differences in terms of how companies have accounted for things,” says Eric Knachel, senior consultation partner at Deloitte & Touche. It’s too soon, however, to know whether those differences are appropriate because the reporting variances are even bigger in terms of what companies have disclosed under the new standard, he says.

Accounting Standard Codification Topic 606, or ASC 606, is a...

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