Accounting for Business Combination

Accounting for business combinations If your company is planning to merge with or buy another business, your attention is probably on conducting due diligence and negotiating deal terms. But you also should address the post-closing financial reporting requirements for [...]

By |2021-04-23T12:48:46-04:00April 23rd, 2021|Categories: Audit, Blog|Tags: , , , , , , |Comments Off on Accounting for Business Combination

FASB 2021 Agenda

What’s on the FASB’s 2021 agenda? In December 2020, Richard Jones stepped up as chairman of the Financial Accounting Standards Board (FASB). After meeting with stakeholders in early 2021, Jones identified a list of high-priority projects that he plans [...]

By |2021-04-16T11:58:11-04:00April 16th, 2021|Categories: Audit, Blog, GAAP|Tags: , , , , , , |Comments Off on FASB 2021 Agenda

Cutoff Rules: What Counts in 2020 vs. 2021

As year end approaches, it’s a good idea for calendar-year entities to review the guidelines for recognizing revenue and expenses. There are specific accounting cutoff rules under U.S. Generally Accepted Accounting Principles (GAAP). Strict observance of these rules is [...]

By |2020-11-20T12:46:17-05:00November 20th, 2020|Categories: Audit, Blog|Tags: , , , , , , |Comments Off on Cutoff Rules: What Counts in 2020 vs. 2021

Understanding The Passive Activity Loss Rules

Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in? If the ventures are passive activities, the passive activity loss rules prevent you from deducting expenses that are generated [...]

By |2020-10-12T13:15:19-04:00October 12th, 2020|Categories: Blog, Tax|Tags: |Comments Off on Understanding The Passive Activity Loss Rules

FASB to Delay Long-Term Insurance Standard … Again

On September 30, the Financial Accounting Standards Board (FASB) finalized a rule to delay the effective date of the updated long-term insurance standard for a second time. The deferral will give insurers more time to properly implement the changes [...]

By |2020-11-10T13:48:31-05:00October 9th, 2020|Categories: Audit, Blog|Tags: , , , , , |Comments Off on FASB to Delay Long-Term Insurance Standard … Again

Gifts In Kind: New Reporting Requirements for Nonprofits

On September 17, the Financial Accounting Standards Board (FASB) issued an accounting rule that will provide more detailed information about noncash contributions charities and other not-for-profit organizations receive known as “gifts in kind.” Here are the details. Need for Change [...]

By |2020-10-06T13:33:26-04:00October 6th, 2020|Categories: Audit, Blog|Tags: , , , , , , |Comments Off on Gifts In Kind: New Reporting Requirements for Nonprofits

Accounting for Cloud Computing Arrangements

The costs to set up cloud computing services can be significant, and many companies would prefer not to immediately expense these setup costs. Updated guidance on accounting for cloud computing costs aims to reduce differences in the accounting treatment [...]

By |2020-10-02T13:55:34-04:00July 6th, 2020|Categories: Audit, Blog|Tags: , , , , |Comments Off on Accounting for Cloud Computing Arrangements

Public vs. Private Companies: When Should Different Accounting Rules Apply?

Small private companies often criticize the Financial Accounting Standards Board (FASB) for writing overly complex standards that focus on the needs of stakeholders in large public companies rather than “Main Street” businesses. Here’s how the FASB has addressed these [...]

By |2018-04-24T18:54:21-04:00April 24th, 2018|Categories: Blog|Tags: , , , , , |Comments Off on Public vs. Private Companies: When Should Different Accounting Rules Apply?
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