Counting Down to ASC 606

13. December 2017.

There will be little New Year’s Eve celebrating but perhaps a lot of morning-after hangovers for U.S. businesses that haven’t begun preparing for ASC 606, the Financial Accounting Standards Board’s new rules about revenue recognition. They are set to go into effect on Jan. 1, 2018. The change is hard to do. Even though the effective date for revenue recognition is just months away, 60 percent of public companies said they were facing challenges staying “on track,” according to a recent report.

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