During 2016 the Financial Accounting Standards Board (FASB) completed several major, long-term projects, and also issued guidance to resolve related practice issues. The FASB and the International Accounting Standards Board (IASB) focused on implementation issues related to the new revenue recognition standard, which resulted in several clarifying amendments during the year. Both boards also issued their respective lease standards, and the FASB finalized guidance on the classification, measurement and impairment of financial instruments. Moving forward, preparers and auditors will roll their sleeves up to implement these major new standards in the near term. Meanwhile, the FASB is planning its future agenda and continues to reduce complexity in U.S. GAAP where possible through its Simplification Initiative.
This whitepaper summarizes important developments that have changed the financial reporting environment over the past year. Our detailed breakdown covers relevant guidance and rules issued by the Financial Accounting Standards Board (FASB) and what to expect in 2017. We’ve also included a comprehensive list of the effective dates for recently-issued accounting standards at the end of this document.
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