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Financial services industry: Accounting and financial reporting updates (2016)

The 2016 editions of our annual updates high­light se­lected ac­count­ing and re­port­ing de­vel­op­ments ap­plic­a­ble to en­ti­ties in each of the fol­low­ing fi­nan­cial ser­vices in­dus­try sectors:

Among other topics, the publications discuss the issuance of new guidance on (1) the measurement of credit losses on financial instruments, (2) classification and measurement of financial instruments, and (3) the accounting for leases. Also discussed are the issuance of refinements to the new guidance on recognition of revenue from contracts with customers and the SEC’s continued focus on rulemaking, particularly regarding its completion of mandated actions under the Dodd-Frank Act.

The publications are divided into three sections: “Updates to Guidance,” “On the Horizon,” and “Other Topics,” and they include a table that lists accounting pronouncements that became effective in 2016.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.