IASB

Last month a very strange thing happened.

The new lease accounting standard that takes effect for public companies next year poses obstacles for the audit firms that have begun implementing it for their clients.

Financial institutions around the world are revising how they estimate credit losses.

The International Accounting Standards Board is considering changes in how to account for goodwill under International Financial Reporting Standards, perhaps reintroducing goodwill amortization.

Walgreens, CVS and AT and T top the list of U.S. companies with the most operating lease liabilities that will need to be added to their balance sheets under the new leasing standard, according to a new report.

Erkki Liikanen, a former governor of the Finnish Central Bank, has been named chair of the IFRS Foundation trustees, the group that oversees the International Accounting Standards Board and the International Financial Reporting Standards they develop.

Axiom, a provider of legal contract technology, has introduced the Contracts Intelligence Platform for Lease Accounting to help organizations uncover embedded leases that are subject to the new lease accounting standard.

KPMG is partnering with analytics provider SAS on helping banks make the transition to the current expected credit loss, or CECL, accounting standard that begins to take effect in January 2020.

Does your organization have an implementation plan and adequate system in place that will meet the new requirements?

Now is the time to start preparing for the next big accounting standard.