Accounting Roundup: Year in Review — 2016
Welcome to the 2016 edition of Accounting Roundup: Year in Review. Key developments that occurred in 2016 included the following:
- The FASB’s release of its much-anticipated standards on leases and credit losses as well as several ASUs on implementation issues associated with its new revenue standard.
- The SEC’s increased focus on non-GAAP measures and continued work on its disclosure initiative.
- The IASB’s issuance of its new leases standard as well as amendments to its revenue and nsurance contracts standards.
- The United Kingdom's vote to leave the European Union in a June 23, 2016, referendum (the "Brexit vote") and its resulting financial reporting implications.