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September 2019 » Selecting Modified Retrospective...
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Ron Kral, CPA, CMA, CGMA, and Howard B. Levy, CPA
The deadline for private companies to adopt Accounting Standards Codification (ASC) Topic 606, “Revenue from Contracts with Customers,” is fast approaching. This article contains a brief summary of, and related guidance for, minimum disclosures and key decisions that need to be made by management when implementing the popular transition method option, the “modified retrospective method.” In addition to selecting the transition method, a smooth transition will require preparing in advance, gathering data, and selecting “practical expedients.”
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