We’re beginning to see large U.S. public companies with December year ends completing implementation of the new revenue recognition standard. At the time of our Q2 progress update, many companies were still behind, despite the December deadline for companies who … Continue reading
Category Archives: Revenue Recognition
What are Companies Really Seeing, Revenue Growth or Accounting Adjustments?
With the new ASC 606 rule now in effect and earnings season in full swing, we are beginning to see how different companies changed the way they account for revenue. For some, it will improve fiscal 2018 financial results. If … Continue reading
Early Indicators Predict an Uptick in Revenue Recognition Accounting Failures
We have been asked several times whether or not the adoption of the new revenue recognition standard will cause an increase in the number of restatements and control failures. While it may be early to say, our review of SEC … Continue reading
A Look at Top SEC Comment Letter Issues in 2017
2017 marked the eighth consecutive year of decline in the number of SEC comment letters. During the first six months of 2017, 2,315 letters1 were filed (905 CORRESPs and 1,410 UPLOADs) – a decrease of 246 letters (9.6%) from the first … Continue reading
Top Five to Celebrate First Five
We published our first blog post in October of 2012. Over the past five years, our analysts have shared their insights into various auditing and accounting trends and issues. Publishing more than 300 blogs, we have covered a vast array of … Continue reading
ASC 606 Adoption Progress – Q2 Update
For the past year, we have been monitoring the progress made by U.S. public companies towards implementation of the new revenue recognition standard known as ASC 606. In December 2016, we looked at companies who were planning to early-adopt the … Continue reading
How Fiscal Year Ends Impact Adoption of ASU 2014-09
For the vast majority of Russell 3000 companies, the deadline to adopt new revenue recognition accounting guidance is fast approaching. Some issuers, however, have more than another whole year to prepare. ASU 2014-09, “Revenue from Contracts with Customers” (codified as ASC … Continue reading