Revenue recognition has been one of the hottest topics in the financial reporting and compliance industry for over two years. Now, with 14 months left to implement, a new study shows that 83% of public companies have not started preparing. The time to act is now, and the place to start is here, in this 3-part blog series on the basics of the rev rec standard and tips and tricks for implementation.
Earlier this year, the FASB issued an update to ASC 718 as part of its Simplification Initiative – ASU 2016-09. In part 1 of our blog series, ASC 2016-09: Simple But Complex, we explored the changes to accounting for income taxes and the elimination of the APIC pool. In the second part, we discussed accounting for forfeitures. The third, and final, part of our blog series will focus on minimum statutory tax withholding requirements (to avoid liability accounting treatment).