Industry Insights

Internal Control Requirements for Adopting New Accounting Standards

August 2017

Internal control over financial reporting (ICFR) often takes second place to addressing the recognition, measurement and disclosure requirements of new standards. The U.S. Securities and Exchange Commission’s (SEC) increased focus on adequate disclosure of the effect of upcoming accounting changes has highlighted the importance of simultaneous ICFR assessments. This article addresses the overarching scope of the requirement to disclose ICFR changes at all stages during new standard implementation.   

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