Looking Back at 2016Posted: December 12, 2016
As we come to the close of another year, I looked back at the various topics I covered.
The big themes throughout the year were change and the FASB. Back in February the FASB released the long anticipated change to the leasing rules. I blogged about it on February 29. This standard will have huge impacts on financial statements, but it’s kind of running a bit under the radar with everyone focused on the new revenue standard. I’ve talked about the new revenue standard a lot, but my blog on the billions in net income that will never be recognized as a result of the transition to the new standard really hit a chord with people.
One of the highlights from the recent AICPA SEC and PCAOB Developments Conference, was the FASB Chairman saying one of the loud and clear responses to their request for comment on the future FASB agenda (a subject of a blog here) was that the FASB needed to give the financial community a breather from new standards as they have overwhelmed us recently with changes. I was leading that charge back in March with my blog crying “Uncle” to the FASB.
The profession is changing as well. One blog covered the acceleration of change, and in another I highlighted the AICPA-CIMA member vote to create a new international association in order to better serve both organizations members across the world. Voting for the Future expressed my support for this effort and I was pleased that all of you overwhelming voted to move the profession forward.
It’s hard to believe everything that happened in just the past year alone. It makes me tired just thinking about it sometimes; and I covered that as well in one of my favorite blogs of the year.
I hope you had a great 2016 and are looking forward to an even better 2017.