Is this the end?
Haven’t we all seen those films where you think it’s over and suddenly the bad guy (or gal) gets back up? We’re talking to you, every “Halloween” movie, “Friday the 13th” flick, “Fatal Attraction” and countless others. Or, those final celebrations in honor of the conquering heroes which really weren’t? *Cough* the last three or four spots where “Lord of the Rings: The Return of the King” could’ve nicely wrapped and given us all a half-hour back *cough cough*.
Let’s hope we’re not witnessing the same scene with the “final amendments” recently issued by the Financial Accounting Standards Board (FASB) to the long-awaited new revenue recognition guidance, ASC 606, announced in 2014. This fourth set of amendments issued (the much-discussed one-year delay of the new standard’s effective date from 2017 to 2018 was among earlier amendments) addresses questions on collectibility criteria, customer sales tax presentation, non-cash considerations, transitional contract modifications and others, according to a host of reports from Compliance Week and others.
These amendments were derived from the most recent discussions of the Revenue Recognition Transition Resource Group (TRG), of which we’ve reported on and publicly chatted about at length.
Could this really be the FINAL final?
At a recent accounting conference, EY partner – and TRG member – Alison Spivey indicated as much, per Compliance Week. Spivey said although the group will continue to meet and work through questions which arise, no further significant standard setting is expected as a result.
“FASB is helping, but is not intending to take any further action,” said Spivey. “If that were to happen, we would never be done. And we all need to be done. We all need to just get along with implementing the standard.”
We sure hope so. And it’s definitely not because we freak out when the bad guy pops back up again. Most certainly not that. Ok, fine, maybe a little, but, c’mon, you didn’t see that coming either…