Important Accounting and Auditing Developments
The topics reviewed were selected because of their impact on financial reporting and because of the role they play in understanding the accounting landscape in the year ahead. These include:
- Recognizing how the Tax Cuts and Jobs Act affects financial reporting
- Identifying the act’s changes to domestic income provisions
- Differentiating requirements for adjustments to deferred tax liabilities and assets for the effect of a change in tax laws or rates
- Summarizing how the act affects the taxation of foreign income
- Identifying the FASB pronouncements that may impact entities with leases or that expect to have or enter into leases
- Recognizing the major updates to the new Accounting Standards Codifications as prescribed by ASU 2016-02
- Understanding best practices for starting a lease accounting project under the new standards
- Understanding the principles of ASC Topic 606, Revenue from Contracts with Customers
- Identifying the five steps in the new revenue recognition model
- Plus, so much more!
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