New Accounting Standards & Implementation

Brief Description

The Financial Accounting Standards Board (FASB) is the sole source of authoritative Generally Accepted Accounting Principles (GAAP) other than SEC issued rules and regulations that apply only to SEC registrants. The FASB Codification is the authority on U.S. GAAP accounting, which is periodically updated with new accounting standards. This service brings your company into compliance with current accounting practices.

Benefit

Publicly traded companies are required to adhere to U.S. GAAP standards in order to investors, regulators, and other stakeholders have access to consistent and reliable financial information, fostering trust in the financial markets.

Private companies are not legally required to adhere to GAAP standards, but may benefit from (i) its standardized framework that offers comparability in financial reporting; (ii) its accuracy, reliability, and transparency can improve internal decision-making; and (iii) attractiveness to investors and lenders.

Authorities For Further Research

(i) Financial Accounting Standards Board (FASB) Accounting Standards Codification

(ii) FASB Accounting Standards Updates (ASUs)