Workflow Templates: Accounting Policy Updates checklist

Review and Research

step"=>"Identify new accounting standards issued by the standard-setting bodies", "description"=>"Keep abreast of new pronouncements from bodies such as the FASB, IASB, SEC, and PCAOB."}

step"=>"Assess the relevance of new standards to the organization", "description"=>"Determine which new standards apply to the organization's operations and financial reporting."}

step"=>"Research the implications of new standards", "description"=>"Understand the impact of changes on current accounting practices and financial statements."}

Internal Policy Update

step"=>"Revise existing accounting policies", "description"=>"Update policies to ensure compliance with the new accounting standards."}

step"=>"Develop new accounting policies as needed", "description"=>"Create policies for new accounting issues that arise from new standards."}

step"=>"Document the policy changes", "description"=>"Maintain comprehensive documentation of all changes to the accounting policies."}

Communication and Training

step"=>"Notify stakeholders of policy updates", "description"=>"Inform internal and external stakeholders, including auditors and board members, about policy changes."}

step"=>"Educate the accounting team", "description"=>"Provide training to the accounting staff on the new policies and procedures."}

step"=>"Update related systems and processes", "description"=>"Ensure that all financial systems and reporting processes reflect the updated accounting policies."}

Implementation and Compliance

step"=>"Integrate new policies into daily operations", "description"=>"Apply the updated accounting policies in day-to-day financial activities."}

step"=>"Monitor compliance with new policies", "description"=>"Regularly review transactions and reports for adherence to the updated policies."}

step"=>"Prepare for external audits", "description"=>"Ensure readiness for audits by having proper documentation and evidence of compliance with the new standards."}