Bridging the “New GAAP” in the Upcoming 10-K
One of the most difficult financial reporting challenges many calendar-year reporting companies will face in preparing their upcoming annual reports on Form 10-K will be the transition disclosure required by the SEC relating to FASB’s sweeping new revenue recognition accounting standard, Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers. The new standard will take effect for these companies on January 1, 2018.
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