The focus on revisions to the form and content of primary financial statements is likely to increase in 2020. This is a result of the FASB completion of priority projects and the continued interest in the Financial Performance Reporting research project.. Stay current and plan for these changes.
The reformatting of basic financial statements (now referred to as Financial Performance Reporting-FPR) will generate significant measurement and system modifications. Stay current on financial statement preparation and analysis and begin to plan for changes in financial performance reporting. Commit to becoming a subject matter expert in this area of change.
Formerly titled:Reformatted Financial Statements 2015: Is the Endgame in Sight?
Recall the evolution of the convergence process.
Recognize updates on the status of the IFRS Adoption, Convergence and FPR projects.
Identify in detail the content of proposed reformatted financial statements.
Recognize how the FPR project is a business model transformation.
Identify tools to create your own FPR roadmap for action.
Status of financial reporting changes
Content review of proposed financial statement changes
Impact of Financial Performance Reporting (FPR) changes on business operations
Planning an implementation timetable
CPAs and financial professionals.
Knowledge of financial reporting.