- ICFR for Revenue Recognition, including transition methods
- The FASB’s plan to make businesses more clearly distinguish between debts that are due right away versus those on which they have time to make payments has been the subject of much criticism. One FASB representative said the board is planning to release a proposal that addresses some of the criticism it heard about the changes and satisfy the critics.
- The FASB’s new lease accounting standard goes into effect for public companies in 2019 and will require businesses to record on their balance sheets assets and liabilities associated with renting office space, heavy equipment, and fleets of vehicles. While most contracts considered leases today will be considered leases when the new standard comes into force, businesses will have to assess whether service contracts and other arrangements contain provisions that will meet the new definition of a lease.
- The FASB published a slate of minor technical corrections and clarifications to U.S. GAAP. The changes stem from a proposal floated in April and are part of the accounting board’s periodic review of the Accounting Standards Codification to find areas that require correction or revision. The changes include a minor correction to the board’s new not-for-profit accounting standard that was proposed for public comment separately from the other amendments.
- The FASB issued nineteen ASUs in 2016, including updates on leases and the revenue recognition standard, Topic 606.