A Step-By-Step Guide To Overcome The FASB Compliance Challenges

With the aim of covering some major accounting gaps, the new accounting standards came into force for public companies as of December 15, 2018. To comprehend the impact of the new accounting standards, we spoke to many companies who shared their experiences on the implementation of the new accounting standards. Most of them had the same thing to say – the compliance requirements are nothing like they expected it to be.

FASB ASC 842 : It’s inevitable : Issues that companies should be prepared for

Did you heave a sigh of relief when the FASB compliance was pushed out to 2021? Your relief may have come a little too soon. Companies who have implemented or started the implementation process can tell you that it’s not an easy transition. This is especially true because the number, term, and type of lease will affect compliance. If your company is yet to get started on the implementation under the new standards, you may want to consider the following issues –(more…)