Dec 21, 2015
From the Financial Reporting Network
The FASB recently announced that most calendar year-end public companies will be required to adopt the forthcoming financial instruments classification and measurement changes in 2018, and the financial instruments impairment and leases changes in 2019. While the effective dates may seem far off, companies already are busy implementing the new revenue standard, and will need to analyze the implications of the other standards soon. Companies will need to develop or revise accounting processes and internal controls, which will require applying significant judgments and creating new estimates. They also may need to modify IT systems to capture additional data to support the new accounting and disclosure requirements.
The FASB plans to issue a final standard on classification and measurement by the end of 2015, and leases and impairment standards in the first quarter of 2016.
Our Quarterly Outlook summarizes these and other accounting and financial reporting developments potentially affecting you in the current period or near term.