SAB 118 does not allow deferring the accounting requirements until the end of the period
A registrant should make good faith progress to provide investors with timely, decision-useful information
Implementation efforts should be prioritized with adequate resources allocated
Successful implementations require adequate time dedicated to developing new or changed internal controls, informative transition disclosures, new required disclosures, and well-reasoned accounting judgments
Audit committees play a critical role in the adoption process