Current Developments: US - Q2 2017 | KPMG | CA

Current Developments: US - Q2 2017

Current Developments: US - Q2 2017

Implementation efforts by companies are in high gear and stakeholders and regulators are keeping a watchful eye on their progress.

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Current Developments

The effective date of the new revenue recognition standard for public companies quickly approaches. Implementation efforts by companies are in high gear and stakeholders and regulators are keeping a watchful eye on their progress.

The SEC continues to stress the importance of updating and maintaining internal controls related to implementing the new standards on revenue recognition, lease accounting and credit impairment; robust transition disclosures; and considering whether transition to a new standard results in new risks, including fraud risks.

While the FASB continues its work on new standard-setting projects, its short-term agenda is focused on more narrowly-scoped projects geared toward simplifying or clarifying current accounting guidance.

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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