Sep 25, 2015
From the Financial Reporting Network
The FASB is committed to issuing new standards for leases and financial instruments before the end of 2015, but it has not announced the effective dates. The earliest effective date for these standards is likely January 1, 2018, which would align with the effective date of the new revenue standard. Meanwhile, the new consolidation guidance is effective in 2016. Collectively, the adoption of these standards, regardless of their effective dates, will require significant time and resources. Companies should begin implementation efforts early to best position themselves for successful transition.
Our Quarterly Outlook summarizes these and other accounting and financial reporting developments potentially affecting you in the current period or near term.