FASB: Financial reporting developments (2016) | KPMG | US

FASB: Financial reporting developments (first quarter 2016)

FASB: Financial reporting developments (2016)

The FASB in February 2016 issued its final lease accounting standard that requires lessees to account for most leases on-balance sheet—a significant change from current U.S. GAAP. While the standard is not effective until 2019 for U.S. 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.


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


Read a March 2016 report prepared by KPMG LLP: Quarterly Outlook – March 2016

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