Simpler Times Under ASC 805
In this post, Samantha L. Albert, senior financial analyst with Mercer Capital, talks about the FASBâ€™s Simplification Initiative which is designed to make small changes to GAAP that will reduce costs and complexity, while maintaining or improving the usefulness of financial statements. One potential change announced on May 21, 2015 is to ASC Topic 805. The FASB has proposed modifying standards related to how companies are required to account for business combinations. Companies would only be required to recognize adjustments in the current reporting period and would not need to restate prior periods.
Find out more in the Mercer Capital’s Financial Reporting article, Simpler Times Under ASC 805.
This article is republished from Mercer Capital’s Financial Reporting Blog. It is reprinted with permission. To subscribe to the blog, visit http://mercercapital.com/category/financialreportingblog/.