2017 Accounting Year in Review

Having recently completed several major long-term projects, the Financial Accounting Standards Board (FASB) in 2017 shifted its attention to assisting stakeholders with implementing new standards and resolving practice issues. These efforts reflect the Board’s acknowledgement of the recent pace of change in its standard-setting activity. The FASB focused on application issues related to the new revenue recognition, lease, and credit loss standards, resulting in several clarifications to those pronouncements. Currently, preparers and auditors are immersed in efforts to implement these major new standards in the near term. Meanwhile, the FASB has updated its agenda and continues to reduce complexity in U.S. GAAP where possible through its Simplification Initiative.

Our year in review report – provided through our participation in BDO Alliance USA – summarizes the year’s most significant changes in guidance and what to expect in 2018. It also includes a comprehensive list of the effective dates for recently-issued accounting standards in the appendix. 

CLICK HERE TO VIEW THE FULL 2017 ACCOUNTING IN REVIEW REPORT.

For more information about FASB updates and other accounting regulations, please contact Ed Ryan, CPA at 703.652.1124 or please feel free to leave us a message below.

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Material discussed in this article is meant to provide general information and should not be acted on without professional advice tailored to your firm’s individual needs.



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