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 Changes are Affecting Preparers Like GE, Microsoft.
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Was it a bargain purchase or not? The SEC has reached a $6.2 million settlement with a Big 4 audit firm relating to auditing failures associated with Miller Energy Resources. This post will examine the particulars of the case and provide some observations on fair value accounting that can be gleaned from the SEC settlement order. To read the full article in Mercer Capital’s Financial Reporting Blog, click: $475 Million Bargain Purchase Leads to an SEC Settlement. 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/.
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On October 13, 2016, RSP Permian announced the acquisition of Silver Hill Energy for approximately $2.4 billion dollars. Based on RSPP disclosures, the assets received include: 1) wells currently producing 15,000 barrels of oil equivalent per day; and 2) 41,000 in net acreage throughout Loving and Winkler County Texas. Grant Farrell, vice president, explains the details of this transaction. To read the full article in Mercer Capital’s Financial Reporting Blog, click: RSP Permian/Silver Hill Energy: A Closer Look at the Acquisition. This article is republished from Mercer Capital’s Financial Reporting Blog. It is reprinted with permission. To subscribe to the…