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Risk and Complexity in Revenue Reporting under US and International Standards

A 2008 survey of senior financial executives in the US and 34 other countries shows that revenue reporting processes are far more complex to manage, prone to error, and material to financial statements than other key finance and accounting processes. More than twice as many respondents from both US and International groups identified revenue recognition as number one in each category. In countries where IFRS is required, the gap between revenue recognition and the next process was even wider.

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