Recently Issued and Updated Accounting Pronouncements
As you may know, as the result of a joint project with the International Accounting Standards Board (IASB), the Financial Accounting Standard Board (FASB) issued Accounting Standards Updates (“ASU” or “Update”) 2016-02, Topic 842, Leases, and ASU 2014-09, Topic 606, Revenue from Contracts with Customers. These are some of the most significant and far-reaching GAAP changes in many years and probably for a very long while. Shannon & Associates wants to formally call your attention to these standards that will become effective in the coming couple years, but require the start of planning this year.