For fiscal periods beginning after December 15, 2018, businesses will have to start reporting leases differently on their balance sheets. That’s because the Financial
Business owners need to be aware that significant employee layoffs may lead to unintended partial plan terminations. In our region, oil and gas companies could
The Financial Accounting Standards Board has made significant changes to the way assets and liabilities arising from leases must be reported.
Because the revenue recognition update is so broad in scope, it may mean significant changes for companies’ current revenue and financial reporting processes, especially in the construction sector.
Current economic conditions for the energy sector may indicate that the carrying amount for a long-lived asset has become unrecoverable. In these circumstances, the asset becomes impaired.
The update is significant for the financial reporting and compliance requirements it presents to businesses across all sectors.