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.
About Baker Tilly Virchow Krause, LLP (bakertilly.com)
Baker Tilly Virchow Krause, LLP (Baker Tilly) is a nationally recognized, full-service accounting and advisory firm whose specialized professionals connect with clients and their businesses through refreshing candor and clear industry insight. With approximately 2,700 employees across the United States, Baker Tilly is ranked as one of the 15 largest accounting and advisory firms in the country. Headquartered in Chicago, 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.
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.