Companies' Preparedness for Implementing Revenue Rules Varies, Accounting Panel Says

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Nov. 20— The level of preparedness among companies implementing the new revenue rules varies based on size and sophistication, according to a panel discussion on emerging trends for year-end financial reporting.

Panelists, during Nov. 18 discussions at the Financial Executive International's conference in New York, furthermore said companies need to recognize that there are more implications than just accounting issues to consider in applying the rules, which takes time in planning.

“There are a lot of implications related to systems with controls, reevaluation of your contracts and a lot of things that can go into the implementation process that you need to be thinking about, far beyond just the debits and credits of applying the standard,” Mark Bielstein, partner at KPMG LLP, told attendees.