neoaccounting

As companies prepare for the new revenue accounting standard that takes effect in 2018, there’s no shortage of apprehension among financial executives. Given both the impact of the forthcoming changes as well as the adjustments companies need to make, companies still have plenty of work to do. Revenue recognition is a critical and often complex accounting area that companies can't afford to get wrong. Many boards and investors will want to know what to expect. Regulators will also be looking for increased disclosures throughout 2017 as adoption draws closer. Given this backdrop, we included a question on the greatest challenges pertaining to the new regulation as part of a recent survey of more than 700 accounting and finance executives conducted by PwC and the Financial Executives Research Foundation. When asked to rank the difficulty of different revenue recognition implementation issues, a significant majority of respondents saw all of the issues as somewhat or very difficult...