Thinking ASC 606 will be delayed once more? Think again...

“If a company chose to take a different approach, we would expect them to come in and talk to us about why they were not going to follow the … non-authoritative guidance,” said James Schnurr, chief economist for the Securities and Exchange Commission.

Quoted in a Wall Street Journal article, the chief economist of the SEC ensures that public companies must adopt new revenue recognition rules within the FASB's timeline, or present an alternative accounting plan to the SEC in advance of that deadline.

These comments leave little hope for those expecting the proverbial Rev Rec can to be kicked down the road once more.  Is your company ready to implement ASC 606?