Heads Up — Highlights of the 2016 AICPA Conference on Current SEC and PCAOB Developments
On the heels of the U.S. presidential election, participants at the 2016 AICPA Conference on Current SEC and PCAOB Developments in Washington, D.C., were eager to talk about the changing financial reporting and audit landscape. While there was much speculation about the impact of the new administration on financial reporting regulations, there was little uncertainty regarding the effect that new accounting standards will have when they are adopted in the coming years. Specifically, the new standards on revenue recognition, leases, financial instruments, and credit losses — or the “new GAAP standards” as SEC Chief Accountant Wesley Bricker1 referred to them — were a central theme throughout the conference.
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