Implementation of New Accounting Standards

The implementation of new accounting standards can present a unique set of challenges for preparers (and their auditors). Public companies must begin to apply the new revenue recognition standard to annual reporting periods beginning after December 15, 2017; the new leasing standard will be applicable to annual reporting periods beginning after December 15, 2018. In this video the expert panel discusses how this “new GAAP” could impact the auditor’s assessment of the risk for misstatement in the financial statements.

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