Transcription of Internal Control Requirements for Adopting New Accounting ...
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Internal Control Requirements for Adopting New Accounting ...
Internal Control Requirements for Adopting New Accounting standards Background In previous articles, BKD discussed the Securities and Exchange Commission s (SEC) expectations regarding the requirement to disclose the effect that recently issued Accounting standards will have on a registrant s financial statements when adopted in a future period, as required by SEC Staff Accounting Bulletin* (SAB) Topic (SAB 74). As the effective dates of major standards issued by the Financial Accounting standards Board (FASB) approach, preadoption (transitional) disclosures under SAB 74 should become qualitatively and quantitatively more elaborate and specific. Likewise, management s assessment and disclosure of changes in its Internal Control over financial reporting (ICFR)** is expected to change, as depicted in Appendix A.
Changes in internal controls while transitioning to new financial accounting standards are caused by risks inherent during this time, which can be summarized into three categories: Processes to capture data necessary to accumulate the new standard’s effect on the entity’s financial
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