2017 revenue recognition survey offers insights into challenges and solutions
The deadline to implement the new revenue recognition standard is fast approaching, and the EY Revenue Recognition Survey finds many companies are not ready.
Complex accounting changes can result in process, system, control and other operational changes, requiring time and commitment of significant resources. Yet, many companies’ critical functions, particularly finance and IT, are not fully aligned to meet the requirements of the new revenue recognition standard.
We believe that it is important that businesses have the right teams ready to go and that they are aligned on delivery priorities. For those that have such teams, there are opportunities that go well beyond compliance—revenue recognition readiness can enable business transformation in key areas including strategic cost reduction, data quality improvements, data-driven insights and tax efficiencies.While our survey of 300 finance and IT leaders of public companies with over $1 billion of annual revenue in the US found that many companies are behind schedule, it also reveals opportunities for broader transformation for moving forward.
Read more about the results to gain a new perspective on implementing the new revenue recognition standard efficiently while also laying the foundation for future business benefits.
What challenges are companies facing?
Ways to move forward