- In this recent webinar, Baker Tilly's assurance professionals discussed the new lease accounting standard, ASC 842, Leases, and the wide spread impact of the new standard on financial reporting.
- The transition decision is an important one for all entities as it will impact the level of effort needed to adopt ASC 606.
- The adoption of ASC 842, Leases, makes accounting much more complex for traditional operating leases. Not surprisingly, the disclosure requirements are quite extensive.
- Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, seeks to change the value of disclosures by requiring robust disclosure for the users of the financial statements.
- The AICPA's new cyber attestation will give organizations the ability to reliably report on their cybersecurity program with the credibility associated with an independent auditor's report.
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