Question: We believe we will need to change our revenue recognition practices to comply with the newly implemented FASB Revenue from Contracts with Customers rules. What are some of the changes we face?

A: To start with, advises Evan Scarbrough, CPA, an auditor for the City of Detroit, if you don’t use GAAP or IFRS reporting procedures, you don’t need to make any changes. If you do use either of those, beginning in May 2019 you’ll need to start separating contracts that have multiple components into numerous…