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Time runs out on getting ready for new revenue recognition

Tammy Whitehouse | December 11, 2017

With the clock winding down on the time remaining to prepare for a wholesale change to revenue recognition, accounting leaders are offering some last-minute insights and suggestions to help companies cross the finish line.

At a year-end national conference of the American Institute of Certified Public Accountants, members of the staff at the Securities and Exchange Commission said they plan to respect judgments companies reach in compliance with the new method for recognizing revenue when it takes effect Jan. 1, 2018—so long as the judgments are reached after thorough and thoughtful analysis.

While the new standard, contained in Accounting Standards Codification Topic 606, requires... To get the full story, subscribe now.