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.
