The proposals represent "a game changer in the comparability and usefulness of financial statements," said IASB Chair Hans Hoogervorst.
Not paying close attention to proposed accounting standards and not commenting when there are concerns can have important consequences, experts say.
For multinationals that must prepare financials under both standards, there are comparability challenges and differing nuances to keep in mind.
As the effects of climate change become more prominent, they will become more and more visible in financial statements, says IASB's chair.
With ASC 842 slated to take effect in just a few months, accounting teams need a methodical approach to implementation. Here is a guide.
The revenue recognition standard will turn a diverse set of industry standards into “one framework about how to think about revenue.”
The International Accounting Standards Board responds to companies’ call for help with materiality in financial statements.
The standards take effect in a mere six quarters for public companies, but many have not yet begun, or only recently began, to assess what must be done.
Outgoing SEC Commissioner Mary Jo White encourages FASB and IASB to continue collaboration.
They don't take effect until 2019, but few leases will be grandfathered, so there will be an immediate bottom-line impact.
The new revenue recognition standard has implications that extend far beyond accounting.
“We want to give investors the right handles to look at a balance sheet,” the board's chairman Hans Hoogervorst says.
