December 30, 2016
The International Organization of Securities Commissions has issued guidance on the implementation and transition related to the new global accounting standards for companies.
The six-page statement focuses on the upcoming accounting changes that impact organizations that follow the International Financial Reporting Standards.
The changes are expected to affect significant accounting areas such as revenue recognition, leases, and financial statements. Similar changes are projected to impact companies that follow the U.S. Generally Accepted Accounting Principles.
The central message in the IOSC’s statement revolves around providing investors with sufficient disclosure in the transition leading up to the changes.