Have you hit the snooze button one too many times on your revenue recognition alarm? It’s every student’s (or accountant’s) nightmare: before you know it, the term has ended, and one of the most important tests of the year (ASC 606 and IFRS 15: Revenue from Contracts with Customers), is here. Your teacher will soon hand you the revenue recognition standard exam – but are you ready?
The new revenue recognition rules are daunting and many companies wonder how they will be impacted by ASC 606. What really happens to companies if they don't comply with the new revenue recognition rules? Who enforces these rules? The reinvigorated regulatory agecny, the SEC takes action on improper revenue recognition accounting. Learn about the SEC's role with revenue recognition and how to avoid improper revenue accounting.