Will new accounting standards impact your business? Are you prepared?
Our experts are well-versed in these new, complex standards. DGC can help you understand the new GAAP requirements and assess the capabilities of your company to implement these standards.
Putting together a plan will be a complicated and time-consuming process, and our firm can help you every step of the way. After meeting with us, you will have an adoption and implementation plan that you feel confident about.
Below are two of the most common technical accounting standards, however if you have questions about any others, please let us know. We stay up to date on all the standards and look forward to discussing their impact.
Lease Accounting Standard
The new lease standard will present significant changes to the balance sheets of lessees. It will require all leases greater than 12 months in length to be recorded on the balance sheet. Additionally, there are other implementation challenges that every company will need to consider.
Revenue Recognition Standard
The new revenue recognition standard creates a new framework for how all businesses recognize revenue, regardless of industry. It also requires significant enhancements to the financial statement footnotes than were mandated under previous standards. Read more
The new effective date is now January 1, 2022 for calendar year-end private companies, small public companies, and not-for-profit organizations. Read more
This decision was meant to alleviate one of the many hardships companies are facing as they turn their focus to decreased operations, collections, staffing decisions, and other uncertainties of COVID-19. Read more
Under this proposal, the effective date of the new lease accounting standard would be delayed for one year. Read more