Current Developments: US - Q1 2016 | KPMG | CA

Current Developments: US - Q1 2016

Current Developments: US - Q1 2016

The FASB expects to issue three additional standards about revenue within the next few months.

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Current Developments: US - Q1 2016

In February, the FASB issued its final lease accounting standard, which requires lessees to account for most leases on-balance sheet – a significant change from current US GAAP. While the standard is not effective until 2019 for US public companies with a calendar year-end, all companies may adopt the new leases standard immediately. This allows companies to adopt the new lease accounting standard before they adopt the new revenue standard.

The FASB expects to issue three additional standards about revenue within the next few months. These new standards are expected to be the last amendments to the new revenue recognition model before it becomes effective January 1, 2018, for US public companies with a calendar year-end.

Meanwhile, public companies also are considering the implications of new standards that become effective in the first quarter of 2016, including new guidance about consolidation, presentation of debt issuance costs, and accounting for cloud computing arrangements.

Our publication summarizes these and other accounting and financial reporting developments potentially affecting you in the current period or near term.

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