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Emerging Issues Task Force (EITF)

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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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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Work Set to Resume on Guidelines for Footnote Disclosures

Work Set to Resume on Guidelines for Footnote Disclosures

The FASB at its first meeting of 2015 plans to continue work on its disclosure framework project. The board wants to focus on income tax and inventory disclosure requirements. The meeting agenda also includes a discussion on the requirements for disclosures in interim financial statements. The FASB plans to discuss its project to write a […]

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Simplification Added For Private Companies With Intangible Assets

Simplification Added For Private Companies With Intangible Assets

A FASB accounting update will exempt private companies from determining the value of certain intangible assets when they buy or merge with another company. Intangible assets that can be sold or licensed independently and non-compete agreements will have to continue to be recognized. The FASB on December 23, 2014, published Accounting Standards Update (ASU) No. […]

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Definition of a Business to Stress Actions

Definition of a Business to Stress Actions

Before the FASB proceeds with a larger project to address whether nonfinancial assets should be accounted for as acquisitions or disposals of assets or businesses, the accounting board wants to clarify what it means by “business.” The board wants the definition to emphasize the activities a business must include. The FASB is attempting to clear […]

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Proposed changes for not-for-profit reporting may come in March

Proposed changes for not-for-profit reporting may come in March

Significant financial reporting changes could be in store for universities, charities, museums, and other not-for-profit groups. If the changes are adopted in a set of final amendments to U.S. GAAP, they’ll alter how not-for-profit organizations tell donors, creditors, and watchdogs how they spend and invest their money. The FASB expects in late March to propose […]

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Comments Due For Three Proposals In Early 2015

Comments Due For Three Proposals In Early 2015

Three FASB proposals have comment deadlines in the first two months of 2015. The proposed amendments to U.S. GAAP cover a revision to earnings calculations for master limited partnerships, the use of fair value accounting for some investments, and investment company disclosure rules. Three proposed amendments to U.S. GAAP from the FASB have comment deadlines […]

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Advisory Panel to Help With Adoption of Planned Asset Impairment Standard

Advisory Panel to Help With Adoption of Planned Asset Impairment Standard

The FASB plans to set up an advisory panel to help banks adopt the upcoming standard for writing down bad loans and securities. The standard is expected to bring significant changes to the way banks account for loans that are going bad and move them toward an approach that board members hope will be an […]

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EITF Agrees to Issue Two Proposals

EITF Agrees to Issue Two Proposals

The FASB’s Emerging Issues Task Force (EITF) is sending two issues to the accounting board for consideration as proposed amendments to U.S. GAAP. One of the changes deals with the calculation of per-unit earnings by limited partnerships. The second concerns a method for calculating the fair values for some investments measured with the net asset […]

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Two Emerging Issues Task Force Amendments Are Approved as Final

Two Emerging Issues Task Force Amendments Are Approved as Final

The FASB agreed with its Emerging Issues Task Force (EITF) that two accounting changes related to some off-balance sheet vehicles and foreclosed mortgages that are backed by government loans should be issued as final amendments to U.S. GAAP. Public companies will begin applying the revision for foreclosed mortgages in their first quarter reports for 2015. […]

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Task Force Agrees to Amend Fair Value Guidance for Collateralized Financing Entities

Task Force Agrees to Amend Fair Value Guidance for Collateralized Financing Entities

The FASB’s Emerging Issues Task Force (EITF) determined that reporting entities would measure a collateralized financing entity’s (CFE) assets and liabilities based upon which value was more observable. If the fair value of the liabilities can be more easily observed, the reporting entity would use that value to measure the assets. The FASB’s Emerging Issues […]

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Emerging Issues Task Force Approves Narrow Amendment on Housing Tax Credits

Emerging Issues Task Force Approves Narrow Amendment on Housing Tax Credits

Emerging Issues Task Force Approves Narrow Amendment on Housing Tax Credits.  The FASB’s Emerging Issues Task Force (EITF) agreed to finalize an amendment to make it easier for investors who buy Low Income Housing Tax Credits to account for them as purchases of tax credits as opposed to investments in real estate. The task force […]

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Final Revenue Standard Will Prompt Regulators to React

Final Revenue Standard Will Prompt Regulators to React

SEC and PCAOB officials are considering how they may respond once the FASB and IASB issue the final standard for revenue recognition. The SEC is trying to determine whether the new standard will require an update to existing guidance, and the PCAOB is considering the message it needs to relay to audit firms once the […]

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Four Task Force Updates to U.S. GAAP Are to Be Published by Late January

Four Task Force Updates to U.S. GAAP Are to Be Published by Late January

The FASB approved four proposals submitted by its Emerging Issues Task Force (EITF) and slated them for publication as updates to U.S. GAAP in early 2014. The proposals address off-balance-sheet vehicles, arrangements between government bodies and private-sector companies, tax credit investments, and the classification of some residential mortgage securities when the underlying loans are in […]

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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