Many businesses are slow-walking to implementing the revenue recognition standard, even as the effective date approaches next year.
KPMG polled a group of financial executives during a webcast in April asking them about their progress on adopting the revenue recognition standard, and 16 percent said they had not yet started. Another 33 percent said they had done a high-level assessment, 24 percent said they had done a detail-level assessment, 13 percent said they are designing process and/or IT changes, 9 percent are implementing process and/or IT changes, 3 percent are as far along as calculating the transition adjustment, and 2 percent said they are done.
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