Financial Reporting and Regulatory Update: Second Quarter 2017

The quarterly Financial Reporting and Regulatory Update, prepared by the Financial Executives Research Foundation (FERF) in collaboration with Crowe Horwath LLP, includes developments on key financial reporting topics.
During the second quarter, the Financial Accounting Standards Board (FASB) issued two standards addressing: modification accounting for share-based payment awards, and service concession arrangements between an operator and a public sector entity.
In a Q&A discussion, FERF spoke with Mark Shannon, a managing director in the Crowe assurance professional practice, about how companies are preparing for disclosures mandated by the Securities and Exchange Commission (SEC) on the new revenue recognition, leases, and credit loss standards as well as on the topic of non-generally accepted accounting principles (non-GAAP) measures.
The focus for the Securities and Exchange Commission (SEC) during the quarter continued to be on the implementation of new accounting standards, non-GAAP measures, and auditor independence.
The report also discusses the standard on the auditor’s reporting model from the Public Company Accounting Oversight Board (PCAOB) as well as resources released by the Center for Audit Quality (CAQ) and the American Institute of CPAs (AICPA).