You Are Here: Home » Posts tagged "FASB" (Page 3)

FASB and IASB Issue Revenue Recognition Standard

  More than a decade in the making, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have released a converged standard on revenue recognition. Titled, “Revenue from Contracts with Customers”, the standard is designed to enhance the process of revenue reporting and improve comparability in financial statements among corporations using IFRS and U.S. ...

Read more

Discount Rates in a Purchase Price Allocation

Understanding the nature and risk of expected cash flow This discussion summarizes the interrelatedness of the weighted average cost of capital and the weighted average return on assets within the context of a purchase price allocation for financial reporting purposes. Failure to understand this fundamental relationship can lead to inaccurate estimates of value for the acquired assets and, therefore, inaccu ...

Read more

FASB Endorses VIE Alternative for Lease Arrangements

FASB has voted to endorse a GAAP alternative to exempt private company lessees from a requirement to consolidate variable interest entities (VIE) in common control leasing arrangements.  Initiated by the Private Company Council (PCC), the exemption would be allowed under specific conditions including: Private company lessee and the lessor entity are under common control Private company holds a leasing arran ...

Read more

FASB Proposals Provide Exceptions for Private Companies for Fair Value Measurements

A help or hinderance? On July 1, 2013, FASB issued exposure drafts calling for public commentary on three proposals that address private company stakeholder concerns. Two proposals involve accounting for identifiable intangible assets and goodwill acquired in business combinations. In this article, Mark Zyla analyzes the proposed changes, including potential concerns, and their far-reaching impact on the in ...

Read more

PCC Proposes Goodwill Amortization to FASB

In an article titled, “PCC to Ask FASB to Endorse First Private Company GAAP Exceptions”, under the subhead, “Business combinations”, the Journal of Accountancy reveals that the Private Company Council (PCC) approved a proposal to FASB that would allow a private company to elect to amortize goodwill acquired in a business combination on a straight line basis over 10 years or less. The proposal is conditiona ...

Read more

FASB Proposals Simplify Intangible Assets

Recently, the FASB issued exposure drafts of Accounting Standards Updates (ASUs) which propose reductions in the cost and complexity of accounting for intangible assets acquired by private companies, as well as subsequent testing for goodwill impairment.  The proposed changes in the drafts involve alterations to Accounting Standards Codification (ASC) Topic 85, Business Combinations, and Topic 350, Intanbig ...

Read more

Current Practice Issue: Applying the Equity Method —Grant Thornton

 On the Horizon Offers Two Examples of Appropriate Ways to Apply FASB Guidance.  Plus: New Guidance on Reporting Discontinued Operations and Not-for-Profit Entities Grant Thornton recently published a useful article on applying the equity method in its On the Horizon web-based publication, which also notes that the Fair Accounting Standards Board (FASB) has suggested new guidelines for reporting discontinue ...

Read more

FASB Extends Comment Deadline on Proposal for Accounting for Credit Losses—Accounting Web, PwC, KPMG, More

Key Concern is that FASB and IASB Continue Work Towards Common Standard Frank Byrt at Accounting Web reports that The Financial Accounting Standards Board (FASB) voted March 28 to extend the comment deadline for its proposal to improve financial reporting on expected credit losses on loans and other financial assets held by banks, financial institutions, and other public and private organizations, as FASB a ...

Read more

FASB Clarifies Nonpublic Disclosure Exemption —Journal of Accountancy

Private Companies and Nonpublic Not-for-Profits are Exempted from a Particular Fair Value Disclosure as a Result of Recent FASB Amendment The Financial Accounting Standards Board responded quickly to concerns voiced in December to issue an amendment clarifying that private companies and nonpublic not-for-profits are exempted from a particular fair value disclosure.  Ken Tysiac at The Journal of Accountancy ...

Read more

A Federal Appeals Court is Scheduled to Hear Arguments Today Over When Software is Patentable —Wall Street Journal, Seeking Alpha

"It's a Huge Case for the Patent-Law Community." On One Side: Google, Facebook, Intuit.  On the Other? IBM. "Because the patents are often unclear, there's no way to know whether an infringement claim by a competitor or a troll is legitimate until you've spent $8 million in litigation fees," said Mr. Schruers Ashby Jones in the Wall Street Journal  reports this morning that a federal appeals court in Washin ...

Read more

Has Governmental Anti-Kickback Statute Enforcement Kicked Back Royalty Rates?

Royalty Rates in the Life Sciences are Under Increased Scrutiny. But Has That Caused Rates to Decline? Several medical manufacturers were accused of violating federal kickback statutes. Federal enforcement prompted many companies in the industry to review and revise the terms under which they collaborate with and pay healthcare professionals for contributions of time, know-how, and intellectual property. Ed ...

Read more

The McLean Group: New Guidance on When to Use a Recent Round of Financing to Estimate Fair Value

Consider Three Types of Private Preferred Stock Transactions, Each with Varying Degrees of Relevance to an Indication of Fair Value: Simple, Strategic, and Tranched Preferred Financing Last year, the AICPA issued guidance on evaluating private transactions with regards to their relevance in estimating the Fair Value of other securities within an enterprise via the back-solve method. The McLean Valuation Ser ...

Read more

Rethinking The “Right-of-Use” Asset—Grant Thornton

The FASB and IASB Don't Seem to Be Open to Reconsidering Basic Assumptions Behind the "Right-of-Use" Asset.  Here's Why They Should.  The attempt to find a single lease accounting model based on recognition of a right-of-use asset has faltered, assert two professionals in Grant Thornton LLP’s National Professional Standards Group.  In a new white paper, they suggest a control-based model as an alternative: ...

Read more

FAF Review Team On FASB Statement 131 Segment Reporting —MarketWatch

Some Stakeholders Suggest Improvements to Segment Reporting Information  A 1996 accounting standard established to improve the way public companies report financial information about their business segments generally achieves that purpose, although some stakeholders suggest improvements. That was the overall conclusion of the post-implementation review (PIR) of Financial Accounting Standards Board (FASB) St ...

Read more

Global Accounting Bodies Rethink FASB, GAAP Convergence —Journal of Accountancy

IFRS Foundation Trustee: Don’t Wave White Flag on Cooperation Global accounting standard setters acknowledge that completion of the convergence projects is unlikely to happen in the near term, but progress can still be made to closely align International Financial Reporting Standards and U.S. GAAP, the Journal of Accountancy reports.   Here's more: ...

Read more

IFRS for U.S. Issuers—Grant Thornton

Implications of the SEC IFRS Work Plan for Private and Public Issuers; How Slow Adoption May Rewrite GAAP   Grant Thornton Audit Services has published a 16-page report providing background and context on IFRS in the United States.   The report explores how market forces press the issue, cover SEC final report highlights and reaction to the report, summarizes how some companies are preparing for IFRS today, ...

Read more

The Relevance of Royalty Rates in the Valuation of Intangibles

The FASB Lists 29 Different Intangible Asset Categories. Here’s What You Need to Know. Intangible assets have comprised an increasing proportion of the value of assets of most companies in the last decade, Gregory Marsh explains. Often a collection of intangible assets is accounted for as a single asset labeled “goodwill.” Here’s why that sometimes doesn’t make sense. ...

Read more

©2024 NACVA and the Consultants' Training Institute • Toll-Free (800) 677-2009 • 1218 East 7800 South, Suite 301, Sandy, UT 84094 USA

event themes - theme rewards

Scroll to top
G-MZGY5C5SX1
lw