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Financial Accounting Standards Board (FASB)

Proposal calls for eight narrow clarifications for reporting cash flows

Proposal calls for eight narrow clarifications for reporting cash flows

The FASB released a proposal to clarify eight parts of its guidance on company cash flow statements. The proposal aims to clear up some of the most frequently asked questions about a complex area of accounting. The FASB on January 29, 2016, released for public comment a proposal to clarify eight narrow pieces of guidance […]

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Phase two of effort to define a business in U.S. GAAP focuses on real estate deals

Phase two of effort to define a business in U.S. GAAP focuses on real estate deals

The FASB made several key decisions in its effort to clarify accounting for partial sales of nonfinancial assets, an important topic in the real estate industry. The effort is considered part two of the board’s wider project to improve the definition of a business. The FASB on January 6, 2016, worked on a series of […]

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Going concern staff paper scheduled for publication in first half of 2016

Going concern staff paper scheduled for publication in first half of 2016

The PCAOB is planning to issue a consultation paper on the audit standard on going concern warnings in the first half of 2016. Investors believe the current guidance is flawed and want earlier warnings when companies are in such deep financial trouble that their survival is in doubt. The PCAOB is planning to issue a […]

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Deferred tax liabilities and assets classified as noncurrent in update to U.S. GAAP

Deferred tax liabilities and assets classified as noncurrent in update to U.S. GAAP

The FASB published an update to U.S. GAAP that requires businesses to classify deferred tax liabilities and assets on their balance sheets as noncurrent. Under existing accounting, a business must separate deferred income tax liabilities and assets into current and noncurrent, which critics told the board was a costly exercise that yielded little benefit to […]

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Proposal Offers Clarification of Definition of a Business for U.S. GAAP

Proposal Offers Clarification of Definition of a Business for U.S. GAAP

A FASB proposal offers a clarification of the definition of a business by adding guidance to help determine whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The accounting board said it has received complaints that the current definition of a business is applied too broadly and requires many transactions […]

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Proposal Calls for Information on Government Tax Breaks, Other Incentives

Proposal Calls for Information on Government Tax Breaks, Other Incentives

The FASB has released a proposal aiming to give investors, analysts, and taxpayers a better idea of the types of economic incentives companies receive from all levels of government. The plan calls for new footnote disclosures describing the nature of the assistance, the significant terms and conditions, and how the assistance affects line items in […]

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Fair value disclosures may have to cover doubts about some measurements

Fair value disclosures may have to cover doubts about some measurements

As part of its review of existing fair value measurement disclosures, the FASB is considering requiring businesses to disclose more information about the uncertainties they have when they measure some hard-to-value assets. The board wants to give investors and analysts a clearer picture of the estimates and assumptions that produce the values. The FASB is […]

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EITF proposals on hedge accounting, employee benefit plans approved as final amendments to U.S. GAAP

EITF proposals on hedge accounting, employee benefit plans approved as final amendments to U.S. GAAP

The FASB affirmed two proposals from its Emerging Issues Task Force (EITF) and agreed to publish them as final updates to U.S. GAAP.The first amendment allows some specialized contracts for delivering electricity to qualify for an exception to hedge accounting.The second provides a simplified method for measuring employee benefit plans. The FASB on July 9, […]

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Amendments Planned For Revenue Standards’ Guidance On Licenses, Royalties

Amendments Planned For Revenue Standards’ Guidance On Licenses, Royalties

The FASB and IASB agreed to clarify some parts of their revenue recognition standards that have raised persistent questions. The boards plan draft separate proposals for public comment on accounting for licenses of intellectual property, royalties, and how to separate different performances in a contract with a customer. The FASB and IASB said they will […]

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Principal versus agent guidance in revenue standards to be clarified

Principal versus agent guidance in revenue standards to be clarified

The FASB and IASB are poised to change their sweeping revenue recognition standards to clarify instances where it is unclear when a partner in a business transaction is a primary supplier of a good or service as opposed to an agent that arranges a sale and receives a smaller portion of the transaction price. The […]

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IRS requests comments on potential tax issues raised by new revenue recognition standards

IRS requests comments on potential tax issues raised by new revenue recognition standards

Notice 2015-40, 2015-24 IRB In a Notice, IRS is seeking comments regarding the effect on taxpayers’ methods of accounting of new financial accounting revenue recognition standards announced last year by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). Background- accounting methods. Code Sec. 446(a) and Reg. § 1.446-1(a)(1) provide that […]

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Proposed One-Year Delay Of Revenue Standard To Move Forward

Proposed One-Year Delay Of Revenue Standard To Move Forward

The IASB plans to propose in mid-May a one-year deferral of the landmark, global revenue recognition accounting standard. If approved, companies would have until 2018 to comply with the new standard. The decision follows the lead of the FASB, which earlier in April agreed to propose a one-year delay. The IASB on April 28, 2015, […]

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Revenue standard will keep guidance on customer collectibility

Revenue standard will keep guidance on customer collectibility

The FASB and IASB continue to comb through the questions that have cropped up since they published their landmark, converged revenue recognition standards in May 2014. The boards decided to propose several tweaks to the standards, but are offering no fundamental changes to the so-called collectibility threshold. The FASB and IASB at a joint meeting […]

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Proposal to Trim Fair Value Disclosures Threatens Post-Crisis Reform Measure

Proposal to Trim Fair Value Disclosures Threatens Post-Crisis Reform Measure

The FASB has tentatively decided to scale back some disclosures that once were considered key to understanding how to measure hard-to-value assets and liabilities. The board wants to cut the disclosures because they result in boilerplate answers or give misleading information to investors, but some analysts still find the information they give essential. The FASB’s […]

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Questions mount about planned government support disclosure rules

Questions mount about planned government support disclosure rules

The FASB wants to give investors and financial analysts information in their financial statement footnotes about the economic incentives companies receive from governments. Businesses and auditors aren’t happy with the plan and wonder what the board is trying to accomplish. FASB members knew they could be undertaking a controversial issue when in 2014 they started […]

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FASB Proposed Disclosure Framework Nears Publication

FASB Proposed Disclosure Framework Nears Publication

The FASB is close to releasing for public comment a proposal to guide companies about the information that should be included in footnote disclosures. The FASB wants companies to use the guide to help weed out extraneous information from increasingly lengthy financial statements and make the remaining disclosures more informative. The FASB is moving closer […]

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Proposal To Offer Amendments To Valuation Adjustments In Business Combinations

Proposal To Offer Amendments To Valuation Adjustments In Business Combinations

The FASB had brief discussions on a series of potential projects at its recent meeting. The board plans to issue a proposed change to the adjustments to the valuation in a business combination. The board also plans to add to its agenda a project to improve the disclosures about interest income related to purchased loans […]

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Collection of Customer Payments Reopens Old Debate in Revenue Standard’s Implementation

Collection of Customer Payments Reopens Old Debate in Revenue Standard’s Implementation

Coming up with a way for a business to assess the odds of collecting payments from a customer was one of the toughest tasks for the FASB and IASB when they wrote their revenue recognition standards. Businesses and auditors still have questions about the collection issue, and the boards must now decide whether they need […]

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Going Concern Warnings Declined in 2013

Going Concern Warnings Declined in 2013

Going concern warnings dropped by an estimated 6 percent for the 12-month period that ended July 2013 compared to the same period in 2012. The decrease is smaller than the number of companies that filed terminations with the SEC after disclosing a going concern warning the year before. Auditors issued fewer warnings about struggling companies […]

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Standard-Setters Facing Different Pressures On Revenue Recognition Effective Date

Standard-Setters Facing Different Pressures On Revenue Recognition Effective Date

Like many things when it comes to international accounting convergence, the FASB and IASB are under different pressures on the timing of the new revenue recognition standard. The standard, which was published in May and will go into effect in 2017, ushers in sweeping new guidance for businesses to report the top line in their […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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Member CA Bar Member Orange County Bar US Tax Court Attorney