In May 2014, FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue From Contracts With Customers (Topic 606), arguably the most comprehensive change to accounting principles ever amassed. Almost every company applying U.S. GAAP will be affected in some way by the required changes of this standard. All companies with tax compliance responsibilities (federal, state, and sales tax) should be considering potential issues relevant to tax planning and reporting.
The current effective date for FASB Accounting Standards Codification (ASC) Topic 606 for public entities, certain not-for-profit organizations, and certain employee benefit plans is for annual and interim periods beginning after Dec. 15, 2017; and all other entities for annual periods in fiscal years beginning after Dec. 15, 2018, and for interim periods in fiscal years beginning after Dec. 15, 2019.