Jun 23, 2016
From the Financial Reporting Network
In the second quarter, the SEC and its staff published guidance about non-GAAP reporting, a concept release about how to modernize Regulation S-K, and updates to its Financial Reporting Manual, in addition to other rules and guidance.
Additionally, the FASB issued a standard about credit losses that will significantly change how companies measure and recognize credit impairment for many financial assets. The FASB also issued three additional standards related to revenue recognition, which are likely to be the last substantive amendments to the new revenue recognition model before it becomes effective. With the issuance of these revenue standards, companies should promptly begin implementation activities if they haven’t already done so. In addition to the complex transition, companies also will need to consider the effort and time needed to implement the new revenue standard alongside the new lease accounting standard, including whether to implement both standards during the same fiscal year.
Our Quarterly Outlook summarizes these and other accounting and financial reporting developments that potentially affect you in the current period or near term.
Read Quarterly Outlook - June 2016