1 posts categorized "Amy Eubanks, CPA" Feed

Significant Changes Coming to U.S. GAAP

Back in 2002, the Financial Accounting Standards Board and the International Accounting Standards Board signed the Norwalk Agreement, marking the first major step towards formalizing their commitment to the convergence of U.S. GAAP and International Financial Reporting Standards.  Nearly 10 years later, newly converged standards are on the verge of finalization. While the Boards have completed five priority projects to date (fair value measurement, consolidated financial statements [including disclosure of interests in other entities], joint arrangements, other comprehensive income and post-employment benefits), three priority projects remain: Revenue Recognition, Financial Instruments and Leases. Despite garnering a great deal of attention, it is often missed that these standards when finalized are going to be part of U.S. GAAP and will affect smaller nonpublic companies and not-for-profit entities; not only public companies.

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