Please read the following to help you prepare for the following impending GAAP financial statement changes.
If you need further guidance or assistance in preparing for these changes you can contact Cathy Marotta at LB Goodman & Co.
Two ASUs that will need to be implemented for most nonpublic companies that issue financial statements in accordance with GAAP.
ASU 2014-09, As Amended (ASC 606) – Revenue Recognition: Annual reporting periods beginning after December 15, 2018, and interim and annual periods beginning after December 15, 2019.
ASU 2016-02, as amended (ASC 842) – Lease Accounting – The ASU is effective for most nonpublic entities for fiscal years beginning after December 15, 2019, and interim periods within fiscal years after December 15, 2020.