Accounting Today: Most companies unprepared for revenue recognition standard

In a recent article published by Accounting Today, 78% of financial executives polled have not yet begun to quantify the impact the new guidance will have on their company according to a recent study. 

Dusty Stallings, capital markets and accounting advisory services partner at PwC, stated that “this is arguably the biggest accounting change to happen in over a decade”, and Accounting Today described the current lack of industry-wide preparation as "alarming".

The report recommends companies begin assessing their data, systems, and internal control immediately to determine whether they'll have access to the data necessary to comply with the new standard.