By Ted Blendermann, CPA, CFP In May 2013, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) (collectively “the Boards”) released revised exposure drafts for the proposal of new lease accounting guidance. If the 2013 proposal is adopted in final form, the guidance will require balance sheet recognition of...
By Ryan Bianco, CPA The 2014 tax year is the first year the final tangible property regulations, also known as the “Repair Regulations,” are required to be implemented. These expansive regulations affect taxpayers that acquire, produce, and improve tangible property in the course of their business. The Repair Regulations address whether expenditures...
By Norbert Dietrich, CPA In the fall of 2013, the Private Company Council (PCC) reached a consensus to provide an elective accounting alternative in two areas, goodwill and interest rate swaps. In January 2014, the Financial Accounting Standards Board (FASB) released Accounting Standards Codification (ASC) updates on those two topics, which...
By Michael T. Wherry, CPA The Financial Reporting Framework for Small and Medium-Sized Entities (FRF for SME) is a self-contained financial reporting framework not based on accounting principles generally accepted in the United States of America (GAAP). Special purpose frameworks, with the exception of the contractual basis of accounting, are commonly...
By Robert J. Behr, CPA The FASB and the International Accounting Standards Board (IASB) are continuing to attempt to converge the standards into an International Financial Reporting Standard (IFRS). The changes related to Revenue Recognition and Leases are expected to provide more transparency and comparability of information for the intended users...
By Michael T. Wherry, CPA With summer vacations on the horizon and with the 6/30 audit deadline now in the “rearview mirror”, it is a good time for schools to perform a mid-year check-up of financial and regulatory items as a form of preventive maintenance. Planning in advance of year end...