For public companies, the clarion is sounding! We are approaching the midway point of 2017, and the new FASB standard is expected to be effective for fiscal years, including interim periods within those years, beginning after December 15, 2017. That means a calendar year reporting company is required to apply the new standard during 2018 beginning with the quarter ended March 31, 2018.
We have issued this Flash Report in the interest of calling attention to the urgency of proceeding. All affected organizations need to get to the station quickly, because the conductor is issuing the last call to board the train.