Even with the deferral of its effective date by one year, FERF/PwC research concludes that most companies do not yet have a complete understanding of how the new standard will affect their financial statements, as well as their business process, systems and controls. Findings revealed that; Many companies do not yet have a complete understanding of how the standard will affect their organizations. Financial statement impacts may be underestimated, there is considerable indecision regarding method of adoption and very little implementation progress has been made.