On Accounting Standards


ON THE RECORD

believe that reducing the complexity of accounting standards is an important issue facing the accounting profession. The SEC staff’s study on off-balance-sheet arrangements that was issued this past June highlighted this observation along with several initiatives aimed at improving the transparency of financial reporting.”

—Alison Spivey, SEC, remarks at the AICPA Business and Industry Conference, New York City, October 2005.

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Getting leases in line

ASC Topic 842 is a relatively simple standard that can mean profound changes for organizations with leases. This report examines what makes this standard challenging and describes new ways for CPAs to add value.