A new template for financial statements?
It appears that financial statements are on the verge of some radical changes.
The Financial Accounting Standards Board has proposed a new format for financial statements in what it calls a presentation project. CFO magazine says the project is “ostensibly concerned only with the form, or the face, of financial statements, but it’s quickly becoming clear that it will change and expand their content as well.”
Ken Kelly is taking an early, hands-on look at the new format. Kelly is an MACPA member and the controller at spice giant McCormick and Company. He volunteered to serve on a task force that would give input to the FASB and the International Accounting Standards Board about the proposed financial statement format, so he and the finance team at McCormick have been running the numbers to see what they like – and what they don’t – about the new format.
After being featured in a CFO article about the proposed format, Kelly talked with the MACPA at length about his experiences. Listen to what he has to say in this CPA Spotlight podcast.
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You can also read a transcript of our podcast, if you'd prefer.
Learn more at the Expo
Kelly will discuss the proposed new financial statement format during a session at the first-ever Maryland Business and Accounting Expo, slated for June 17-18 at the Baltimore Convention Center. Get details about the Expo here, then pre-register here.