FASB sets up web page for implementing new standards
The Financial Accounting Standards Board has created a new web page to help companies implement its new standards.
FASB has been rolling out a series of important new accounting standards in recent years, including revenue recognition, leasing, credit losses and hedging, and they are set to take effect over the next few years. Companies have been getting ready to implement them, starting with the revenue recognition standard, which goes into effect next year for public companies. The new web page, Implementing New Standards, includes links to educational materials and implementation guidance for FASB’s major standards about the new standards.
The web page also deals with how FASB handles outreach and implementation assistance. The web page includes links on FASB’s outreach to stakeholders, transition resource groups, and technical inquiry service for implementation questions.
FASB has also produced a short video offering a brief overview of FASB’s implementation assistance efforts.