Absorbing a Decade's Worth of Accounting Change All At Once

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May 30, 2018

On May 30, 2018, the Financial Executives International (FEI) posted a Q&A with Scott Taub, Managing Director of Financial Reporting Advisors, where he gives updates on revenue recognition, the leases standard, tax reform, and more ahead of FEI’s 2018 Accounting Change for Finance Leaders conference in Chicago.

The topics covered include:

  • What are the biggest challenges facing the preparer community?
  • When it comes to revenue recognition, what lessons can be learned from year-end public companies?
  • How significant is the impact of adoption?
  • Do you think the new standard is actually better than what we had in place?
  • Moving to the leases standard, where should calendar year-end pubic companies be in the process of their adoption?
  • What about private companies?
  • How impactful was this change on ICFR (internal control over financial reporting)?
  • What about tax reform? How have companies handled the guidance put out by both the SEC and the FASB?
  • What advice do you have as they continue to assess the impact throughout the year?
  • What do you tell companies you work with about the PCAOB's auditor's reporting standard?

Review the Q&A on FEI's website.

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