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GAAP

Bad finance: Mind the non-GAAP @Twitter and beyond

Bad finance: Mind the non-GAAP @Twitter and beyond

NEW YORK (Reuters Breakingviews) – Twitter lost $521 million in 2015. No, wait – it earned $277 million of profit. The first figure is according to U.S. generally accepted accounting principles, or GAAP. The second is the alternative version created by the company led by Jack Dorsey, ostensibly to make the business easier to understand. […]

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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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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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Comment Letters See Problems With Planned Corrections To Fair Value Accounting

Comment Letters See Problems With Planned Corrections To Fair Value Accounting

The FASB in September proposed its current slate of minor technical corrections to U.S. GAAP. Some audit firms and an individual, however, say an effort to clarify a section on fair value measurement has broad implications and is much more than a minor technical correction. The FASB’s semi-regular issuance of proposed technical corrections to U.S. […]

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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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Decision to Delay Revenue Standard’s Effective Date May Come in Early 2015

Decision to Delay Revenue Standard’s Effective Date May Come in Early 2015

The FASB is still considering whether it should give companies more time to adopt its sweeping new revenue standard and plans to make a decision on whether the effective date should be delayed in the first quarter of 2015. Companies have been concerned about the amount of work they need to do in preparation for […]

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Simplifications on the horizon for private companies stock compensation accounting

Simplifications on the horizon for private companies stock compensation accounting

The FASB has agreed to offer private companies three simplifications to ease accounting for stock compensation. If finalized, the decisions would offer more flexibility for private companies as they calculate the expected term of stock awards, the classification of awards with repurchase features, and how to measure the liability of potential awards. The FASB on […]

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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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Timing for Loan Write-Offs Won’t Change From Existing GAAP

Timing for Loan Write-Offs Won’t Change From Existing GAAP

The FASB agreed that lenders will continue to write off bad loans in the periods they determine the loans are uncollectible. The decision led the board to scrap wording from its December 2012 proposal on writing down bad financial assets. Comment letters said the proposed wording ran counter to bank regulations and existing industry practices. […]

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Sen. Levin Sees Heightened Risk of Fraud With Revenue Standard

Sen. Levin Sees Heightened Risk of Fraud With Revenue Standard

A senior member of the Senate said the new revenue recognition standard may open the door to more accounting fraud. In recent weeks, the intensity of the criticisms targeting the standard has intensified. Senator Carl Levin, a Democrat who is leaving the Senate at the end of this year after six terms representing Michigan, added […]

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Early Comments Give Mixed Reviews to Conceptual Framework Proposal

Early Comments Give Mixed Reviews to Conceptual Framework Proposal

With a week to go before the comment deadline, six letters have reached the FASB for its proposed guide, or framework, for U.S. GAAP’s footnote disclosure requirements. Two letters have told the accounting board that its proposal will do very little to reduce and simplify the disclosure rules. The groups that wrote the letters said […]

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Convergence Ends as FASB, IASB Pursue Separate Agendas

Convergence Ends as FASB, IASB Pursue Separate Agendas

The effort to converge U.S. GAAP and IFRS is all but finished, apart from the last project on lease contracts. As the 12 years of joint work concludes, the boards are focusing more on their differences than what they have in common. In one shot, IASB Vice Chairman Ian Mackintosh called IFRS “a remarkable success” […]

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Simplification of U.S. GAAP Becomes a Priority

Simplification of U.S. GAAP Becomes a Priority

The FASB plans to release in July two proposals that the board hopes will make targeted simplifications to U.S. GAAP. The board wants to eliminate the seldom-used concept of “extraordinary items.” The FASB also wants to simplify the measurement of inventory. The FASB on May 28, 2014, moved to get rid of the concept of […]

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Footnote Disclosures May Be Required for Investment Expenses by Not-for-Profits

Footnote Disclosures May Be Required for Investment Expenses by Not-for-Profits

The FASB wants more transparency about the costs not-for-profit organizations incur when managing their investments. The board’s upcoming proposal calling for an overhaul of how organizations draw up their financial statements will include a provision requiring disclosures about investment fee expenses. Separately, the FASB also decided it would require business-like,healthcare not-for-profit organizations to present intermediate […]

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Fair Value Measurement Option May Remain in U.S. GAAP

Fair Value Measurement Option May Remain in U.S. GAAP

The FASB continued to move away from the largely converged classification and measurement proposal it issued in February 2013, voting to keep intact the fair value measurement option in U.S. GAAP for certain types of financial instruments. Current U.S. GAAP allows wider use of the fair value option for financial assets and liabilities than the […]

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Proposed Framework Seeks to Change Process for Writing GAAP’s Disclosure Rules

Proposed Framework Seeks to Change Process for Writing GAAP’s Disclosure Rules

The FASB is seeking comments on a proposed guide to help the board craft disclosure requirements for U.S. GAAP. The board is looking for a checklist of sorts to ensure that it writes consistent, clear requirements that do not overlap with existing disclosure rules or require companies to provide too much forward-looking information. The FASB […]

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Some Bank Funding Contracts Will Be Treated as Secured Borrowings

Some Bank Funding Contracts Will Be Treated as Secured Borrowings

The FASB agreed to update U.S. GAAP with a requirement that repurchase-to-maturity agreements be accounted for as secured borrowings and not sales. The change was prompted by the 2011 collapse of MF Global Inc., a high-profile commodities broker that used questionable accounting to mask the leverage on its balance sheet. The FASB on December 18, […]

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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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