18.1 Introduction

Since the issuance of ASU 2014-09, the FASB has issued additional final ASUs to (1) defer the revenue standard’s original effective date, (2) make certain technical corrections and improvements to the standard, (3) clarify certain aspects of the standard’s guidance, (4) codify or rescind certain SEC guidance on revenue, and (5) provide certain practical expedients. In addition, there has been significant activity by the TRG and the AICPA revenue recognition industry task forces, along with involvement from regulators, including the SEC and the PCAOB. Stakeholders should continue to monitor activity at the FASB, SEC, and other standard-setting or regulatory bodies for any relevant developments or interpretations.