The thought of tagging your company’s financial statements may seem remote if you’re a private company. It may not be so far off after all.
Generally Accepted Accounting Principles (GAAP)
The Financial Accounting Standards Board (FASB) recently issued an Accounting Standards Update (ASU) intended to improve financial reporting about leasing transactions.
The FASB has issued a major new rule that will change your financial reporting.
Well it certainly took them long enough! After years of proposals and revisions and discussions, FASB and the IASB have finally issued the long-awaited revenue recognition standard.
On top of everything else, the Wall Street meltdown could end up affecting the accounting standards switch from GAAP to IFRS.
The Financial Accounting Standards Board’s (FASB) new revenue recognition standard will have a major impact on a number of companies, particularly Software-as-a-Service (Saas) firms, according to guest author Jim Perry, the director of EPM Enablement at Infor.
Companies will have to wait a little longer to find out whether they’ll ultimately have to start complying with the International Financial Reporting Standards (IFRS).
OK, so IT gripes about every department. But there are some finance-specific bugaboos that really get their goat.
As we inch closer to the conversion from U.S. GAAP to IFRS standards, experts predict IT departments will be affected most — is yours prepared?
More changes are coming for the accounting standards switch from U.S. GAAP to IFRS.
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