- The transition decision is an important one for all entities as it will impact the level of effort needed to adopt ASC 606.
- The due date for filing Form 1099-MISC for 2016 with the IRS is changing and, if you don't comply, you could be in for some fairly substantial penalties.
- The FASB amended U.S. GAAP to provide clear guidance for reporting restricted cash balances on cash flow statements. Board members hope the amendments will limit the inconsistent reporting practices that have emerged because of the lack of specific guidance.
- The FASB’s new lease accounting standard may be a bigger undertaking than some companies expect. Straightforward leases of real estate and vehicles will not be too much of a challenge, but complex judgment calls may be required for some third-party service contracts.
- The FASB’s revenue recognition standard goes into effect in 2018, and it will be a significant change for many businesses. Companies that have had a late start implementing the standard may be in for some unwelcome surprises if the late start is a sign they failed to properly estimate the amount of work involved.