9-Step Plan to Comply With All Five Lease Accounting Standards in 2015
FASB and IASB will release new lease accounting standards in 2015, with an expected implementation date of December 31, 2018. For SEC reporting purposes, companies will have to provide comparable reporting between the existing and destination standards for up to three prior years. For the many international companies that report under both accounting regimes, this poses quite a challenge. By January 1, 2016, they will need to have complete, accurate and auditable reporting in place in order to transition smoothly. That’s four different sets of books to maintain. On top of that, the new standard will create the administrative burden of tracking deferred income taxes as a result of timing differences, which implies another set of books. Read the full story.
Put Extra Eyes on the Fed
From its actions during the 2008 financial crisis to its policy of quantitative easing, there has been a considerable amount of controversy regarding the Federal Reserve system in recent years. Now that Republicans have taken control of the U.S. Senate, the calls for the U.S. Government Accountability Office to “audit the Fed” have increased and gotten louder. Read the full article.
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