Review 10K 2017 Apple Inc. Did the footnotes include any disclosures related to: -Corrections of errors...

Review 10K 2017 Apple Inc. Did the footnotes include any disclosures related to: -Corrections of errors -Changes in accounting principle -Changes in reporting entity -Changes in estimates What has the company disclosed related to the adoption of the new revenue recognition standard (ASC 606)? What has the company disclosed related to the adoption of the leases standard (ASC 842)?

Expert Solution

With regard to ASC606, the company has disclosed the following:

"The Company will adopt the new revenue standards in its first quarter of 2019 utilizing the full retrospective transition method. The new revenue standards are not expected to have a material impact on the amount and timing of revenue recognized in the Company’s consolidated financial statements."

With regards to ASC482, the company has disclosed the following:

"The Company will adopt ASU 2016-02 in its first quarter of 2020 utilizing the modified retrospective transition method. While the Company is currently evaluating the timing and impact of adopting ASU 2016-02, currently the Company anticipates recording lease assets and liabilities in excess of $9.5 billion on its Consolidated Balance Sheets, with no material impact to its Consolidated Statements of Operations. However, the ultimate impact of adopting ASU 2016-02 will depend on the Company’s lease portfolio as of the adoption date."

ekkarill92 answered 1 year ago

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