In the fourth quarter, financial statement preparers are gearing up for 2016 year-end financial reporting and implement major new accounting standards.
Financial statement preparers and the SEC staff are gearing up for 2016 year end financial reporting. The staff indicated that it will continue to focus on non-GAAP financial measures, internal control over financial reporting, and disclosures about recently issued accounting standards.
Financial statement preparers are preparing to implement major new accounting standards (i.e., revenue, lease accounting, and financial instruments), while the FASB is shifting its standard-setting efforts to targeted and foundational issues, such as the accounting for income taxes on intercompany transfers and determining the primary beneficiary for a variable interest entity.
This publication summarizes these and other accounting and financial reporting developments that potentially affect you and your company in the current period or near term.