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Poll Finds Uncertainty on COSO, Revenue Recognition

Tammy Whitehouse | January 21, 2015

Up to one-third of companies may not be implementing the new COSO framework for their 2014 financial reporting, and one-fourth don’t know when they will implement the framework.

That’s the word from KPMG after its poll of 450 financial reporting executives with public and private companies at the firm’s annual year-end financial reporting symposium to assess their year-end areas of focus. One-fifth of respondents said implementing the 2013 COSO Internal Control -- Integrated Framework was at the top of their year-end reporting worries, and nearly 43 percent said they were adopting the framework at the end of 2014.

Public companies that are required by the Securities and Exchange Commission to use a “suitable” framework are widely expected to update their internal controls over financial reporting to the new COSO framework after COSO officials put its old framework to...

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