Workflow Templates: Accounting Standards Update checklist

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Accounting Standards Update checklist

Revenue Recognition

Review the criteria for recognizing revenue under the new standard.

Assess the impact of the new revenue recognition criteria on existing contracts.

Ensure that systems and processes are in place to capture the necessary data for revenue recognition.

Lease Accounting

Identify all leases as defined by the new lease accounting standard.

Evaluate the classification of each lease as either operating or finance.

Update financial statements to reflect the new accounting treatment for leases.

Financial Instruments

Classify financial instruments according to the new categories defined by the standard.

Measure financial instruments at fair value or amortized cost as required.

Disclose the required information about financial instruments in the financial statements.

Presentation of Financial Statements

Update the statement of financial position to conform with the new presentation requirements.

Revise the statement of comprehensive income to include new disclosure items.

Ensure that the notes to the financial statements reflect changes in the presentation requirements.

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