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This form is effective beginning with the January 1 to June 30, 2017, accounting period (2017/1) If you are filing for a prior accounting period, contact the Licensing Division for the correct form.
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How to fill out accounting standards updateseffective dates

01
Start by gathering all the necessary accounting standards updates documents.
02
Familiarize yourself with the specific effective dates mentioned in each update.
03
Review any implementation guidance or examples provided in the updates to better understand how to apply the new standards.
04
Analyze the impact of each update on your organization's financial reporting and accounting systems.
05
Develop a plan to implement the updates, considering any necessary changes to processes, controls, or reporting systems.
06
Communicate the updates and their effective dates to relevant stakeholders, such as management, employees, and auditors.
07
Train your accounting staff on the changes and provide resources or support to help them navigate the updates.
08
Monitor the effective dates and ensure that the necessary changes are implemented in a timely manner.
09
Document the implementation process and maintain records of compliance for future reference or audit purposes.
10
Stay updated on any subsequent changes or amendments to the accounting standards updates and adjust your processes accordingly.

Who needs accounting standards updateseffective dates?

01
Organizations that follow Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS) need to be aware of accounting standards updates effective dates.
02
Accountants, accounting departments, financial managers, auditors, and other professionals involved in financial reporting and compliance should also pay attention to these effective dates.
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Some accounting standards updates have specific effective dates set by the standard-setting bodies, such as the Financial Accounting Standards Board (FASB) or the International Accounting Standards Board (IASB).
Entities that follow the specific accounting standards that have been updated and have effective dates set by the standard-setting bodies.
Entities are required to review the accounting standards updates and ensure compliance with any changes by the effective dates.
The purpose is to ensure that entities are following the most up-to-date accounting standards and reporting requirements.
Entities must report any changes to their accounting practices or financial statements as required by the updated standards.
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