Taking a company public is both a major achievement and a major hurdle to clear. The IPO process is long, arduous, and highly detailed. And with new ASC 606 revenue recognition rules on the books, it's only getting harder.
As of late 2017 all public companies are required to report revenues according to an entirely new set of standards (ASC 606). The changes run deep in the areas of accounting and finance but extend out to departments like IT, HR, sales and more.