- The adoption of ASC 842, Leases, makes accounting much more complex for traditional operating leases. Not surprisingly, the disclosure requirements are quite extensive.
- Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, seeks to change the value of disclosures by requiring robust disclosure for the users of the financial statements.
- View Baker Tilly's recent ASC 606 webinar on element 5: recognizing revenue.
- The adoption of ASC 842 makes accounting much more complex for traditional operating leases. This inherent complexity makes the transition guidance equally complex.
- FASB issued an accounting standard significantly changing how financial institutions report credit losses: ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326).
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