It is expected to create major accounting changes
in the software and telecommunications industries, but in some other sectors, such as retail, the change is not expected to be as dramatic.
It is important that financial executives are kept up to speed with major accounting changes
that are being contemplated and consider how proposed changes could affect their reported financial results and the manner in which they conduct or contract business.
It's probably going to be one of the biggest accounting changes
in a long time," Drew Speed, BKD LLP's director of accounting and auditing for Arkansas, said last week.
For the reporting of accounting changes
, for example, U.
154, Accounting Changes
and Error Corrections, a replacement of APB Opinion No.
154, Accounting Changes
and Error Corrections, which applies to all voluntary changes in accounting principle, and changes the requirements for accounting for and reporting of a change in accounting principle.
These studies may underestimate the effect of debt contracting on accounting choice for cases in which borrowers have effectively used accounting changes
to provide slack in financial covenants, and thus never come close to covenant violations.
The frequency with which effects of accounting changes
were reported on corporate financial statements implies that the odds are very high that you will encounter such effects when you examine income statements of U,S.
After a six-year legal battle, scrappy Glendale Federal Bank beat the government Monday in its fight to prove regulators reneged on a contract to allow accounting changes
to healthy thrifts taking over failing institutions.
A supplement will presumably bring the readers up to date with the accounting changes
made by the Technical Corrections and Miscellaneous Revenue Act of 1988, as well as the substantial guidance provided by the IRS since the book was published.
Second, management needs lo assess the impact on processes and accounting policies not only of regulatory guidance but also of decisions being made in the C-suite, This includes understanding not only the capita agenda and the effect of strategic mergers and acquisitions, but also proposed changes to enterprise systems, reviewing the organization's long-term information technology program to establish where transformations such as upgrades of enterprise IT can dictate the need to proactively address accounting changes