Originally featured on Forbes.com for Crowe BrandVoice
Given new standards, changes in the economy, and corporate trends, accounting and financial reporting seem to grow more complex every year. The Financial Accounting Standards Board (FASB) has tried to address the growing complexity, taking action to make generally accepted accounting principles (GAAP) less convoluted. However, it can be a struggle to stay on top of financial reporting requirements, whether due to a lack of in-house subject-matter experts, managing high volumes of transactions, or the challenge of navigating and applying accounting standards.
As 2023 begins and executives contemplate how to plan for a year that promises to bring its own unique nuances and complexities, companies need to think about how to position their accounting departments for a successful year. Several pressures will weigh on companies as they perform the basics of accounting, and even more so if they plan to undergo one or more major transactions.