Are you ready for revenue recognition?
Abstract: The effective date of the FASB’s new revenue recognition standard is January 1, 2018, for calendar year public companies. As that date approaches, there’s increasing pressure on audit committees to assess their companies’ implementation efforts. Understanding the new standard and evaluating its impact is a complex undertaking. This article reviews the Center for Audit Quality’s publication, Preparing for the New Revenue Recognition Standard: A Tool for Audit Committees, to help committees fulfill their oversight responsibilities.