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The latest strains in revenue rule adoption: technology

Tammy Whitehouse | June 5, 2017

It’s starting to get tense in the trenches where finance and technology staff are working to implement new revenue recognition standards with the start of the 2018 reporting year.

The newest poll from EY suggests many companies are still behind — and some are way behind in adopting the new standards by the start of next year—  while finance and technology leaders are not entirely in agreement on why or what to do about it. “The competing perspectives between CFOs and CIOs reflect their different approaches to the implementation of the new revenue recognition standard,” said John McGaw, EY Americas accounting change leader, in a statement. “The results shine a light on the importance of internal alignment among finance, IT and other functions, as well as with internal and external audit teams.”

The March poll of public company finance and IT leaders found 47 percent who said they were on track and fully confident of meeting critical milestones in the long arduous...

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