Although some companies think that Revenue Recognition compliance issues are behind them, it's important to remember that the changes mandated by ASC 606 and IFRS 15 are on-going. In particular, the Five-Step Model and concepts such as Standalone Selling Price need to be applied to new product or service offerings today and into the future.
The new Revenue Recognition standards (ASC 606 and IFRS 15) are mandated for implementation by January 1, 2018. Yes, that is less than three months from now!
There are only six months left before the mandated adoption of new Revenue Recognition standards ASC 606 and IFRS 15.