Revenue Recognition: Insights from Early Adopters
All public companies are required to adopt the new revenue standard—Accounting Standards Update 2014-09—as of their first reporting period that begins after December 15, 2017. Companies were given an option to early adopt one year before the required date, and several have done so. The effects are varied, even within the same industry. While these early birds are concentrated in a few industries, there are some valuable lessons to learn.