CONTINUING PROFESSIONAL EDUCATION

摘要

FASB's new revenue recognition standard, which took effect at the beginning of 2018 for public companies, presented financial statement preparers with two options for transition. The more complex option, the full retrospective transition, provides investors with more information because it requires the presentation of the three previous years' financials under the new rules. By comparison, the modified retrospective transition provides simplicity. It does not require the historical restatement but mandates that two sets of accounting records should be maintained during the year of adoption.