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Accounting & Auditing Update
The "Accounting & Auditing Update" is written by Tammy Whitehouse, a veteran business writer who has been a regular contributor to Compliance Week since 2005. Her work has also appeared in industry journals and periodicals including Journal of Business Strategy, Strategy & Leadership, Compensation & Benefits Review, Inc, Buyside, and myriad others. Whitehouse welcomes questions and comments from readers; she can be reached via e-mail at twhitehouse@complianceweek.com.
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Accounting & Auditing Update Blog
FASB Seats Transition Group for Impairment, Not Leases
Tammy Whitehouse | December 10, 2015
Building on the success of the revenue recognition transition group, FASB is planning a new group to facilitate implementation of the pending financial instrument impairment standard. In recent remarks, FASB Chairman Russ Golden said the TRG has already met to identify any key issues. The board is putting the finishing touches on the standard, which will require companies to reflect an expected lifetime loss on a given instrument at the outset.
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