Monthly Archives: January 2016

recognition

In a recent poll, many companies said they have not yet attempted to quantify the financial statement impact of the new revenue recognition standard.

IASB lease accounting standard

On January 13, 2016, the International Accounting Standards Board (IASB) issued International Financial Reporting Standard (IFRS) 16, Leases. This will be testable on the CPA Exam beginning in October 2019.

The FASB issued Accounting Standards Update (ASU) 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, affecting public and private companies, not-for-profit organizations, and employee benefit plans that hold financial assets or owe financial liabilities. The ASU will take effect for public companies for fiscal years beginning after Dec 2017, and will be testable on the CPA exam beginning in Jan 2018.

retirement planning

Women should probably start sooner and save more for retirement than men, given that the average woman is expected to live five years longer than the average man.