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Overview of Fair Value Considerations in Business Combinations

Bargain Purchase Transactions This article summarizes the fair value measurement guidance and financial accounting considerations in business combinations—and specifically, in bargain purchase transactions. This discussion also describes the principles of acquisition accounting as they relate to fair value measurement. And, this discussion describes many of the valuation analyst considerations regarding the ...

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FASB Addresses Stranded Income Tax Effects of New Tax Law

Under the new FASB rules, financial statement preparers are provided an option to reclassify stranded tax effects within accumulated other comprehensive income in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded. To read the full article in the Journal of Accountancy, click: FASB Addresses Stranded Incom ...

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Lease Accounting 2018 Update

Overview—Putting it on the Balance Sheet In February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). The existing standard has been criticized because its bright line classification criteria enabled entities to structure leases in such a way as to avoid putting them on the balance sheet. The new standard aims to improve and simplify the financial reporting for leases and ...

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Last-Minute Revenue Recognition Implementation Tips

The implementation effort surrounding FASB’s new revenue recognition standard is nearing an end for many companies; the deadline for compliance for public companies is the beginning of 2018.  Despite the years of preparation, certain aspects of compliance, particularly the complex disclosure requirements, are being left to the final hours.  Some companies are playing catch-up, scrambling to have their discl ...

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How Revenue Recognition Changes are Affecting Preparers Like GE, Microsoft

FASB and the International Accounting Standards Board designed their converged revenue recognition standard to enhance comparability across industries.  But the standard has presented different implementation challenges to the various business sectors.  Ken Tysiac, Journal of Accountancy editorial director, explains. To read the full article in the Journal of Accountancy, click: How Revenue Recognition Chan ...

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The 10 Unimpeachable Commandments

Practical Applications in Unimpeachable Neutrality Expert witnesses in the fields of forensic accounting, matrimonial litigation, and business valuation must possess a thorough understanding of the applicable standards, case law, evidentiary rules, and regulations specific to each engagement to effectively help the court understand the facts and evidence. The already daunting task of interpreting these rule ...

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Bitcoin Seeks Recognition from U.S. GAAP

The FASB is conducting early stage research about developing an accounting standard for digital currency and the technology that underpins it.  With the use of digital currency increasing, proponents say inconsistent accounting practices are becoming a problem. To read the full article in Thomson Reuters, click: Bitcoin Seeks Recognition from U.S. GAAP. ...

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5 Things to Know about Fair Value and Equity Investments

New rules from the FASB regarding how entities will have to measure certain equity investments  may lead to increased earnings volatility and additional fair value complexities.  Lucas Parris, senior member of Mercer Capital’s Financial Reporting Valuation Group, discusses five things to know about the new rules and some questions to consider. To read the full article in Mercer Capital's Financial Reporting ...

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Revenue Recognition: What’s an Analyst to Do?

The focus of this post is not to comprehensively explain the new revenue recognition standard.  Instead, we examine one public company’s experience with the transition (Workday) and then highlight a few areas that may be of interest to analysts, finance managers, and interested onlookers from a valuation perspective. To read the full article in Mercer Capital's Financial Reporting Blog, click: Revenue Recog ...

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Financial Reporting Blog: Best of 2016

2016’s 10 most popular posts from Mercer Capital’s Financial Reporting Blog.  2016 proved to be an interesting year, both in terms of developments in financial reporting and the range of topics covered on this blog.  We’ve enjoyed sharing our thoughts in this forum over the last three years and look forward to new challenges and opportunities in 2017. To read the full article in Mercer Capital's Financial R ...

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Licenses of Intellectual Property

The New Revenue Recognition Standard and Accounting for Licenses Wiley author, Joanne Flood, looks at how the new revenue standard affects reporting of licensing revenue. Copyright Wiley, 2016. To be published in February 2017 in the book: Wiley Revenue Recognition plus Website: Understanding and Implementing the New Standard (Wiley Regulatory Reporting). ...

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FASB Muses on Goodwill Impairments

Goodwill—should it be amortized or not?  That is one of the questions the FASB has wrestled with over the last few years.  Lucas Parris, senior member of Mercer Capital’s Financial Reporting Valuation Group, takes us through the changes to this system that are in the works, as the FASB Board made a few tentative decisions regarding the accounting for goodwill impairment for public and private entities. To r ...

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Top Considerations for 2016 Audit Cycle

Areas of high attention for auditors during the 2016 audit cycle will include a new standard on naming the engagement partner as well as internal control over financial reporting.  Ken Tysiac, JofA editorial director, reports that key considerations for auditors in general and auditors of brokers and dealers are discussed in two new publications by the Center for Audit Quality. To read the full article in t ...

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Will Planned Derivatives Accounting Changes Stem Flow of Restatements, Improve Risk Management?

New Accounting Rules Could Encourage use of Derivatives Changes to accounting rules for derivatives may prompt companies to start using reasonable derivative-based risk-management tools, said Jim Kroeker of the Financial Accounting Standards Board.  Kroeker suggested this was one possible benefit of FASB's proposal for hedge accounting, which could be issued in September. To read the full article in Bloombe ...

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New Rules for Goodwill Impairment?

This blog outlines some recent changes to the impairment testing regime which provides corporate finance managers with periodic updates and commentary around several topics including impairment testing.  Lucas Parris, senior member of Mercer Capital’s Financial Reporting Valuation Group, provides some insight as to what impact this may have. To read the full article in Mercer Capital's Financial Reporting B ...

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5 Things to Consider Under the New Lease Accounting Standards

How to Prepare for the Lease Accounting Standard The new lease accounting standard could have a significant impact on companies' balance sheets after it takes effect.  Chris Hatten, CPA, and Nicole Riley, CPA, with PKF Texas discuss five things companies can do to prepare. To read the full article in the Houston Business Journal, click: 5 Things to Consider Under the New Lease Accounting Standards. ...

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New Guidance Issued for Federal Public-Private Partnership Disclosures

Federal Agencies Face New Disclosure Requirements for Public-Private Partnerships Federal agencies will be required to present disclosures about public-private partnerships in their general-purpose financial statements under guidance issued by the Federal Accounting Standards Advisory Board.  Ken Tysiac, JofA editorial director, discusses the standard. To read the full article in the Journal of Accountancy, ...

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Non-GAAP Measures: Here to Stay?

The debate over the use of non-GAAP performance measures continues.  Even as the prevalence of these items grows in the financial reports of public companies, cautionary tales of the uses and abuses of such metrics garner headlines.  Lucas M. Parris, senior member of Mercer Capital’s Financial Reporting Valuation Group, explains. To read the full article in Mercer Capital's Financial Reporting Blog, click: ...

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7 Things to Know About the New Lease Accounting Rules

The FASB announced sweeping changes to the accounting for leases earlier this year that will affect nearly all financial statement issuers.  Travis W Harms, Mercer Capital’s Financial Reporting Valuation Group lead, discusses each topic. To read the full article in Mercer Capital's Financial Reporting Blog, click: 7 Things to Know About the New Lease Accounting Rules. This article is republished from Mercer ...

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