CHICAGO (June 6, 2017) – A poll conducted by Baker Tilly Virchow Krause, LLP (Baker Tilly) found only 11 percent of respondents said their organizations have begun making accounting process and system changes to prepare for Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers.
“Our polls over the last year were showing eight percent of companies had begun making changes. It’s encouraging to see that number increasing, but it’s concerning that so many are still not ready,” Jere Shawver, CPA, managing partner of assurance and firm risk, said. “Organizations must assess their revenue streams to understand how the new standard will affect them. For those in medium- and high-impact industries, multiple business functions will be affected and internal resources will be constrained. With the first effective date on the horizon, they cannot delay any longer.”
Baker Tilly has produced a series of articles and educational webinars, available at bakertilly.com/asc606, to assist organizations in assessing the impact of the new revenue recognition standard and implementing the necessary system and process enhancements.
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Baker Tilly Virchow Krause, LLP (Baker Tilly) is a leading advisory, tax and assurance firm whose specialized professionals guide clients through an ever-changing business world, helping them win now and anticipate tomorrow. Headquartered in Chicago, Baker Tilly, and its affiliated entities, have operations in North America, South America, Europe, Asia and Australia. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 147 territories, with 33,600 professionals. The combined worldwide revenue of independent member firms is $3.4 billion. Visit bakertilly.com or join the conversation on LinkedIn, Facebook and Twitter.
1) 10.96 percent of respondents answered “Yes” to the poll question “Have you begun making changes to your accounting processes and systems to prepare for revenue recognition?” during the ASC 606: Impacts to Manufacturers and Distributors webinar held on Jan. 19, 2017. 8.06 percent answered “Yes” to a poll during the ASC 606: What it is and how it impacts business webinar on Oct. 26, 2016. And, 8.21 percent answered “Yes” to a poll during the ASC 606 transition – a revenue recognition primer webinar on Apr. 27, 2016.