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Half of Fortune 500 still non-committal on new revenue rules

Tammy Whitehouse | June 16, 2017

With roughly six months to go to the adoption of one of one of the biggest accounting changes in a generation, more than one-fourth of Fortune 500 filers still had not figured out how they will be affected by the new rules as of April and May.

Only 1 percent of the Fortune 500 say their adoption of new revenue recognition accounting rules will have a material effect on the company’s financial statements, according to a PwC analysis, while 54 percent say definitively that the effect will be immaterial. Another 17 percent have provided some qualitative disclosures about the expected effect of adoption, but no materiality call and no hard data.

Companies have been facing massive new rules overhauling how they are to recognize revenue in financial statements for several years. The Financial Accounting Standards Board developed the standard... To get the full story, subscribe now.