Professional Accounting Update: Revenue Recognition, We're in the Homestretch!

FEI’s Accounting Policy Group shared the results of their updated analysis of corporate disclosures related to the anticipated impact of the change in revenue recognition guidance at the 2nd annual Pacesetters in Financial Reporting Conference, hosted by Pace’s Center for Excellence in Financial Reporting, in association with FEI and EY. The three quarter 2017 trend information shows that companies are continuing to expand their disclosure of the anticipated impact of adopting the new revenue standard. However, as of Q3 2017, only 14% of the Fortune 500 had quantified this impact in their disclosures, and over half of those companies disclosed that the anticipated impact would be immaterial to their financial statements. The complete Professional Accounting Update, which includes insights by industry, is available at www.financialexecutives.org/2017RevRecDisclosures.