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International Accounting Standards Board (ISAB)

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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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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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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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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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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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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Chief Accountant Sees Problems In Revenue Standard’s Adoption Phase

Chief Accountant Sees Problems In Revenue Standard’s Adoption Phase

The SEC’s new chief accountant has questioned whether the FASB and IASB are doing enough to help companies adopt the landmark revenue recognition standard published early this year. Regulators are concerned that the advisory panel the boards set up to help with the implementation process may not be doing enough. One month into his job […]

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Disclosure Reforms to Emphasize Materiality, Investor Protections

Disclosure Reforms to Emphasize Materiality, Investor Protections

Companies are watching the efforts by the SEC, FASB, and IASB to rewrite the rules for financial statement disclosures with an eye toward getting simpler, and shorter, financial statements. Several statements by senior officials from the regulatory and standard-setting bodies have encouraged that line of thought by endorsing the assertion that financial statements are filled […]

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Hoogervorst Commits to Improving IFRS for European Needs

Hoogervorst Commits to Improving IFRS for European Needs

IASB Chairman Hans Hoogervorst said the accounting board’s review of its disclosure rules was being carried out with European interests in mind. In a speech to the European Parliament’s Economic and Monetary Affairs Committee, he said the board needed to consider the continent’s needs if it expected its standards to be endorsed for the European […]

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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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Chief Accountant Wants to Recommend Action on IFRS in “Next Few Months”

Chief Accountant Wants to Recommend Action on IFRS in “Next Few Months”

The SEC’s Chief Accountant James Schnurr, during his first public appearance since his October 2014 appointment, said he wants to make a recommendation to the agency’s leadership about international accounting rules. The comment is the latest in a series of remarks SEC officials have made for more than a year about revisiting the agency’s rulemaking […]

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Revenue Standards’ Internal Controls Questions May Require Formal Guidance

Revenue Standards’ Internal Controls Questions May Require Formal Guidance

Some auditors believe the converged standards on revenue recognition will trigger important questions about financial reporting controls and become a significant compliance issue. The issues are important enough that the PCAOB is considering the need for providing guidance. The FASB and IASB’s recently issued standards on revenue recognition will introduce a sea change in accounting, […]

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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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With Publication of Revenue Standard, Financial Reporting to Change Globally

With Publication of Revenue Standard, Financial Reporting to Change Globally

The FASB and IASB’s decade-plus project to rewrite the accounting for revenue recognition is expected to produce a major shift in how companies calculate and record the top lines in their income statements. Considered the “crown jewel” of the standard-setters’ convergence efforts, the standard calls for companies to estimate revenues based on a five-step process […]

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Final Leases Standard May Be Delayed to 2015

Final Leases Standard May Be Delayed to 2015

The FASB and IASB’s most recent discussion on their landmark project to overhaul the accounting for lease contracts exposed sharp differences on fundamental pieces of the planned amendments. The significance of the disagreements and the volume of the remaining work suggest that the chances for publication of a final standard in 2014 are fading. As […]

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State Accounting Boards Question $3 Million Payment to IASB’s Parent

State Accounting Boards Question $3 Million Payment to IASB’s Parent

The Financial Accounting Foundation’s (FAF) decision to subsidize the IFRS Foundation with a $3 million payment is causing some concern among a number of accounting organizations. The National Association of State Boards of Accountancy (NASBA) has asked the FAF for a detailed explanation of the payment. NASBA also said it wondered if the decision contradicted […]

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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