- The FASB plans to release in February a proposal to add a fifth benchmark interest rate to the acceptable rates for hedge accounting. The proposed benchmark rate is being considered by the Federal Reserve as an alternative to the London Interbank Offered Rate (LIBOR), which was tarnished by the 2012 rate-rigging scandal.
- Technologies like distributed ledgers, cloud computing, big data and analytics are changing the way audit firms serve their clients. Audit firms expect that the changes may become so extensive that they may change the nature of the audit itself.
- The FASB’s sweeping new revenue recognition rules go into effect in 2018 and will require a major change in the way companies calculate the top line in their income statements. A review of third-quarter 2017 financial statement disclosures show most companies have much work to do before implementing the new accounting rules.
- Organizations should carefully consider nonmonetary asset conversion and related insurance accounting as they account for the impact of a natural disaster on their properties.
- Businesses that meet the definition of a public business entity because their financial statements have to include, or be included, with the financial statements or financial information of other public companies can have more time to adopt the FASB's revenue recognition and lease accounting standards. The organizations can adopt the new standards at the same time as private companies, the FASB said in an update to U.S. GAAP.
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