A fresh survey on transition to the massive new revenue accounting rule suggests three in four public companies are still assessing how they will be affected with only 14 months to the effective date.
PwC and Financial Executives Research Foundation polled more than 700 executives representing a broad cross section of companies affected by the new revenue recognition requirements taking effect in 2018. Only 17 percent of the public companies represented in the sample had worked their way through the assessment and were actively implementing the new accounting standard, under which companies will need to present three years of financial statement data following a new method. A disturbing 8 percent said they hadn’t yet even started to prepare for the new accounting.
