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With revenue adoption lagging, grim predictions unfold

Tammy Whitehouse | October 2, 2017

In perhaps the first signs of fissures in the financial reporting system, 60 percent of public companies in KPMG’s June poll said they are “facing challenges” in implementing the new revenue recognition standard and 39 percent saying they were still assessing how they’ll be affected.

That’s more than three years after the Financial Accounting Standards Board published massive new rules for all companies to alter the way they determine when and in what amounts to recognize revenue in financial statements. For public companies, the new rules take effect Jan. 1, 2018.

Various surveys and polls over the past few years have indicated companies have...

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