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Companies Still Sorting Through Revenue Recognition Rule, Survey Shows

Tammy Whitehouse | November 21, 2014

PwC and the Financial Executives Research Foundation have offered some fresh evidence that companies don’t yet have their arms fully wrapped around a new standard for how to recognize revenue in financial statements.

In the survey of 174 companies, more than half public companies, 54 percent said they are familiar with the revenue recognition standard issued May by the Financial Accounting Standards Board and the International Accounting Standards Board to completely overhaul the method companies must follow to determine timing and amounts of revenue to recognize in financial statements. Only 29 percent of companies said they would be prepared to adopt the standard under the full retrospective method, generally the most transparent and comparable method, by its effective date in 2017, and 25 percent said they...

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