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Revenue judgments about to go under the microscope

Tammy Whitehouse | May 1, 2018

As they file their first quarterly reports reflecting new revenue rules, companies may find their judgments will face a whole new round of scrutiny in the very next quarter.

The brand-new standard on revenue recognition took effect Jan. 1, so public companies are beginning to reflect the new accounting in their first quarter reports. The standard requires companies to follow a new, five-step method to determine when and in what amounts to recognize revenue in financial statements.

Relying more on principles than prescriptive rules, Accounting Standards Codification Top 606 requires companies to exercise a considerable...

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