FASB Newsletter - January 2017

January 2017

BDO-Knows-FASB-Acctg-YIR-2016_679w.jpg

2016 Accounting Year in Review

During 2016 the Financial Accounting Standards Board (FASB) completed several major, long-term projects, and also issued guidance to resolve related practice issues. The FASB and the International Accounting Standards Board (IASB) focused on implementation issues related to the new revenue recognition standard, which resulted in several clarifying amendments during the year. Both boards also issued their respective lease standards, and the FASB finalized guidance on the classification, measurement and impairment of financial instruments. Moving forward, preparers and auditors will roll their sleeves up to implement these major new standards in the near term. Meanwhile, the FASB is planning its future agenda and continues to reduce complexity in U.S. GAAP where possible through its Simplification Initiative.

Our year in review letter summarizes the year’s most significant changes in guidance and what to expect in 2017. We’ve also included a comprehensive list of the effective dates for recently-issued accounting standards in the appendix.