Who Stole My Balance Sheet: The FASB Research Project Continues
Wednesday, August 14, 2019
Many financial professionals are aware of the pending changes in US GAAP surrounding FASB’s high priority issues such as revenue recognition and lease accounting. However, most financial statement users are not aware that the form and content of the primary financial statements may change as a result of the FASB-IASB convergence project associated with Financial Reporting Performance.
This reformatting of the basic financial statements as many of us know them will result in significant measurement and systems modification. In addition, enterprise-wide user re-education will be mandatory.
As we go to print, the FASB has reclassified this topic as a FASB Research Project. Both Boards plan to resume deliberation after the priority convergence items are fully addressed. Due to this deferral, the risk all companies face is the failure to pay attention to the impact of these proposed changes. Now is not the time to be complacent!
Do not wait until it is too late. Take advantage to begin your reformatted financial statement planning process now!
*Introduction and Making This Session Work
*Financial Statement Reform Genesis and It’s Current State
*A detailed tour of the proposed changes
*Remaining differences between the FASB and IASB versions
*Critical business issues driven by the proposed changes
*10 action items for you to take today in preparation for these changes
*Final Thoughts and Participant Take-Aways
*Review the content of the proposed reformatted financial statements
*Discuss the differences between the FASB and IASB versions of the project
*Analyze the impact of these changes on your business operations
*Identify critical metrics that the new statements will support
*Prepare a to-do list for implementing these coming adjustments