The Financial Accounting Standards Board has released a new standard providing clarification on the classification of certain items in the Statement of Cash Flows.
Eight topics were addressed in the standard:
Effective date and transition
The new standard is required to be adopted using a retrospective transition method to each period presented. However, the FASB states, “If impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable.”
The effective date of the new standard is as follows:
Accounting and auditing updates … and more!
Looking for updates on accounting and auditing issues, changes in federal and state tax law, management of accounting practices, hot topics in risk management, business strategy, finance and more? See what the Maryland Association of CPAs has to offer by visiting macpa.org/learning and macpa.org/events. The new website, macpa.org, launched earlier this summer, also facilitates CPE Catalogue Search.
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