On January 1, 2018, the new revenue standard will be effective for public companies with a calendar year-end. The new lease accounting standard will be effective one year later. Companies can no longer delay their implementation efforts for either standard, and are urged to evaluate the benefits of adopting these standards concurrently. Meanwhile, the SEC staff continues its focus on non-GAAP financial measures, internal control over financial reporting and the need for useful pre-adoption and transition disclosures, particularly for the new revenue, lease accounting and credit loss standards.
Public companies also are evaluating the effects of several new accounting standards that are effective in the first quarter of 2017. Our Quarterly Outlook summarizes these and other accounting and financial reporting developments potentially affecting you in the current period or near term.
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