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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.
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.
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.
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