A convenient tool for understanding all of the new financial reporting standards from the FASB is available on the organization’s own website, points out an article in the Tennessee CPA Journal (January/February 2020). The FASB has a service, Implementing New Standards, that pulls together into one place some useful guidance, such as who will be affected, how current GAAP is affected, effective dates, and so on. Guidance is now available for seven sets of standards: Revenue Recognition, Leases, Credit Losses, Not-for-Profit Financial Reporting, Hedge Accounting, Tax Cuts and Jobs Act, and Insurance: Long-Duration Contracts. “We encourage preparers, auditors and others involved in the financial reporting process to make use of this tool to continuously monitor and update your knowledge of new standards as they are issued,” write the authors, Jan R. Williams (Haslam College of Business, University of Tennessee) and Charles E. Frasier (Lipscombe University).