FASB Compliance: Where Does Your Company Stand?
Did you know 71% of CFOs1 surveyed by EY have said their company’s efforts to become FASB-compliant are not yet complete?
In addition, 34% of CFOs2 are concerned that they will either not make the FASB compliance deadline because they are falling behind schedule, or have not yet started the compliance process, putting them far behind the curve.
The concerns for these companies could be that they have:
- picked the wrong provider
- selected a solution where the implementation has gone wrong
- unable to decide on a solution
As a result, 45% of companies3 may need to develop manual workarounds.
Your company is likely in one of the following two groups: 1) FASB/IASB solution selected or 2) Still in the RFP stage.
For companies in the first group, you should be well on your way to attaining FASB/IASB compliance! However, your peers in the second group cannot afford to wait any longer.
There are also companies that have implemented a software solution, but are unhappy with their choice, or are finding it difficult to complete their implementation.
According to EY4, the top reasons for running behind schedule are:
- Lack of resources
- Inability to support the change management process
- Issues interpreting the technical jargon and requirements
- The need for a more robust financial team
Accruent has developed a FASB Quick Start Program to keep up with the impending timeline and ensure on-time compliance.
- Special professional services package based on industry best practices and over 130 successful implementations
- 80+ professional services resources ready to assist
- Proven data migration and implementation process
- Proprietary data migration tool which reduces the cost of data migration by up to 40%
- Data migration templates for all major software tools
- 42 new customers implemented since Accruent’s 2017 acquisition of Lucernex
1,2,3,4“EY 2017 Revenue Recognition Survey” EY.com, http://www.ey.com/Publication/vwLUAssets/EY-2017-revenue-recognition-survey/$FILE/EY-2017-revenue-recognition-survey.pdf