Good news for companies getting a late start preparing for the new Financial Accounting Standards Board (FASB) revenue recognition rules. As we predicted, the effective date for the new rules has been pushed back a year. The new rules will now apply to reporting periods beginning after December 15, 2018.
Although the effective date has been pushed back, there’s a lot of work to be done between now and then (a prime reason why the effective date is being delayed!). Protiviti launched the Revenue Recognition webinar series in November last year, to help organizations understand what needs to be done well ahead of the deadline. In this series, we continue to work through the Six Elements of Infrastructure
, delineating the probable impacts of the transition process in each area. The fourth installment of this five-part webinar series—Systems, Data, Reporting and a Transparent Audit Trail
—was held on May 21.