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Companies scramble to wrap up new revenue recognition

Tammy Whitehouse | March 13, 2018

There are deadlines, and then there are drop-dead deadlines. In the transition to new accounting rules on revenue recognition, it appears some companies are aiming for the latter.

Yes, the massive new accounting requirements for when and in what amounts to recognize revenue in financial statements took effect Jan. 1, 2018—both for U.S. companies reporting under Generally Accepted Accounting Principles and for companies abroad following International Financial Reporting Standards. But calendar-year companies will not do any reporting based on those new accounting requirements until they file their first-quarter reports in April and May, depending on their specific filing deadlines.

That’s the deadline that really matters, says Eric Knachel, a...

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