Fourth Quarter Accounting and Financial Reporting Developments

In this publication, Crowe Horwath LLP professionals recap financial reporting developments from the fourth quarter of the 2017 calendar year. The Financial Accounting Standards Board issued two standards for codifying the Securities and Exchange Commission’s (SEC’s) rescission of prior guidance on revenue recognition and eliminating outdated guidance on certain deferred taxes of steamship entities as well as one proposal that includes various improvements to the codification. In addition, the SEC focused on major accounting standard implementation, capital formation simplifications, and the advancement of technology as well as federal income tax reform. This article covers these highlights from the quarter and more from the Public Company Accounting Oversight Board, the Center for Audit Quality, the American Institute of CPAs, and others.