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Have you vetted fraud risk under new revenue standard?

Tammy Whitehouse | May 23, 2017

The risk of fraud via revenue recognition has always been a big deal. Now it’s an even bigger deal as companies are sluggishly adopting new rules that give would-be perpetrators potential new opportunities.

The massive new revenue recognition standard, which public companies are working to adopt beginning in 2018, introduces new judgments and estimates. If not controlled properly, those judgments and estimates can serve as a foot in the door for fraudsters who decide to manipulate numbers.

Even staff members at the Securities and Exchange Commission are starting to wring their hands over it. At a recent one-day conference on implementation of the new standard, SEC staffer Sylvia Alicea reminded companies that... To get the full story, subscribe now.