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Revenue recognition, lease standards challenge preparers
Important new standards for revenue recognition and leases are causing difficulty for corporate financial statement preparers, a new survey shows. Just 29% of corporate preparers said their companies have a clear plan to implement the new revenue recognition standard, according to a KPMG LLP survey of nearly 400 financial executives at the firm’s annual Accounting & Financial Reporting Symposium. The revenue recognition standard was ...
Read MoreFASB plans to issue new leases standard on February 25, 2016
The FASB said it plans to issue its new leases standard on February 25, 2016. The standard will require lessees to recognize most leases on their balance sheets and could have significant financial reporting and business implications.
Read MoreInternal Audit Increasingly Proves Its Value
The internal audit function is increasingly providing significant value, according to a new report by PricewaterhouseCoopers. PwC surveyed more than 1,600 chief audit executives, senior management and board members. Fifty-four percent of the respondents indicated internal audit is contributing significant value, up six points from a similar PwC survey last year. In addition, 62 percent of the respondents said they expect more value from internal ...
Read MoreFASB Removes Effective Dates for Private Company Accounting Alternatives
The Financial Accounting Standards Board has issued an accounting standards update for private companies that opt to apply private company accounting alternatives, removing the effective dates for four of the alternatives. They include: ASU No. 2014-02, Intangibles—Goodwill and Other (Topic 350) ASU No. 2014-03, Derivatives and Hedging (Topic 815) ASU No. 2014-07, Consolidation (Topic 810): Applying Variable ...
Read MoreNew FASB Leases Standard Brings Transparency to Lessee Balance Sheets
Lessees will be required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months under a new financial reporting standard issued by FASB Accounting Standards Update (ASU) No. 2016-02, Leases, will apply to both types of leases—capital (or finance) leases and operating leases. Previously, GAAP has required only capital leases to be recognized ...
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