Countdown To New FASB Rules

It’s a matter of weeks before new revenue recognition rules issued by the Financial Accounting Standards Board (FASB) begin to go into effect. Publicly traded companies must apply the new standards to annual reporting periods beginning after December 15. Private companies have until December 15 of next year. These standards will bear significantly not only on balance sheets; they will change how companies manage their agreements with their customers, suppliers and vendors, writes Acertis CEO Samir Bodas. He summarizes what’s at stake and how general counsel can determine if their company is prepared.