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Revenue Recognition Implementation Far From Over: A Q&A with Deloitte’s Eric Knachel

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Nov 07, 2018

On November 7, 2018, Financial Executives International (FEI) posted an article regarding a conversation with Deloitte Partner, Professional Practice Group, Eric Knachel about what U.S. public companies must turn their attention to in disclosures now that the first few filings have been completed.

U.S. public companies with fiscal years ending December 31st have now adopted the new revenue recognition standard (ASC 606) and applied it for the first time to their quarterly reports. What work is left to do? As public companies continue to better understand the nuances of the new revenue recognition standard, the issue of disclosures remains a critical pain point for CFOs. Benchmarking can be extremely helpful. But what steps can companies take if they find their revenue recognition practices are out of line with what others are doing?

Refer to the article in FEI Daily for details of Deloitte Partner, Eric Knachel’s comments.

 

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