The better the question. The better the answer. The better the world works. У вас есть вопрос? У нас есть ответ. Решая сложные задачи бизнеса, мы улучшаем мир. У вас є запитання? У нас є відповідь. Вирішуючи складні завдання бізнесу, ми змінюємо світ на краще. Meilleure la question, meilleure la réponse. Pour un monde meilleur. 問題越好。答案越好。商業世界越美好。 问题越好。答案越好。商业世界越美好。

Could a more insightful approach to implementing the new revenue recognition standard enable business transformation?

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?

EY - Project running behind the schedule
EY - Data and IT issues proving difficult
EY - Manual workaround may need to be developed

Ways to move forward

EY - Identify delivery challenges and ensure finance and IT are on the same page
EY - Put appropriate resourcing in place
EY - Identify transformation opportunities through compliance

 

EY - EY surveyed 300 finance and IT leaders

Contact us

EY - John McGaw

John McGaw
Americas Accounting Change and Revenue Recognition Leader
Linkedin Connect with John McGaw

EY - Anastasia Economos

Anastasia Economos
Americas Leases Leader
Linkedin Connect with Anastasia Economos

EY - Melanie Cook

Melanie Cook
Accounting Change Markets Leader
Linkedin Connect with Melanie Cook