In the first quarter of 2017, preparers braced for many changes in the regulatory environment.
The Financial Accounting Standards Board (FASB) issued seven Accounting Standards Updates with imminent effective dates. Early adopters are implementing the new revenue recognition standard for the first time, with other companies following closely in their footsteps.
The leases standard is being operationalized as companies strategize plans for implementation. At the same time, the U.S. Securities and Exchange Commission is continuing its focus on issues such as non-GAAP financial reporting and engaging stakeholders in their disclosure effectiveness initiatives. With all these changes in the regulatory environment, it is important for preparers to know what’s on the horizon.
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