Accounting and audit leaders can expect 2017 to be the year when monumental accounting change crashes head on with continued intensity around internal controls, and it could be an ugly collision for companies that are not adequately prepared.
In terms of accounting change priorities, companies can expect revenue recognition to easily win the top position on their to-do list in 2017. The change is so pervasive, in fact, it should probably occupy the second and third positions on those task lists as well.
The Financial Accounting Standards Board adopted the new requirements in 2014 and deferred the effective date to 2018 to give companies more time to prepare. Yet indicators in late... To get the full story, subscribe now.