See the new 2017 FASB updates and how they affect your clients.
The FASB standards are intended to promote financial reporting, providing useful information to investors and others who use financial reports. Key developments, such as lease accounting changes and updates, will have a wide impact on businesses. Accounting professionals are frequently their client's news source for these updates.
If you have clients who issue GAAP-basis financials or are nonprofit organizations, big changes in lease accounting are on the way.
In response to complaints about the resources and effort required to comply with the new lease standards, FASB announced simplifications that will make compliance easier and less costly.