More good news with orders up 5%, according to our recent survey of residential furniture manufacturers and distributors. This increase marks the third straight month that orders were up 5% over the same month a year ago. Year to date, new orders remained 6% ahead of last year.
Revenue recognition changes as a result of ASC 606 are required to be implemented by December 15, 2018. For many entities, changes in the timing and pattern of revenue recognition may be significant. In most entities, implementation will require careful deliberation and comprehensive insight into the new rules. In many cases, new and/or modified processes will be needed to record revenue in the correct period.