Contributed by: Sean Spitzer, Partner
Since 2002, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working on converging U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). There’ve been successes and failures along the way, but now the convergence effort appears to have run its course. Going forward, U.S. standard setters propose an informal, collaborative model that will minimize differences in financial reporting, in lieu of the IASB’s one-size-fits-all approach. Here’s an overview of global accounting standards — past, present and future.
Read More
Topics:
AICPA,
FASB,
GAAP,
IASB,
Revenue Recognition,
Uncategorized
Audit professionals, CFOs and CEOs and other stakeholders of all companies should find long-awaited clarity and guidance in newly issued standards surrounding going concern disclosures in financial statement footnotes. Smith & Howard’s Assurance Services group reports that the Financial Accounting Standards Board (FASB) recently updated U.S. Generally Accepted Accounting Principles (GAAP) to clarify going concern disclosures.
Read More
Topics:
ASU 2014-15,
Business Continuity,
disclosures,
FASB,
financial statement disclosures,
GAAP,
Going Concern,
Uncategorized
The construction team at Smith & Howard often advises construction clients who have separate, but related, business entities used to buy vehicles, equipment or facilities that they then lease back to their parent company. Earlier in 2014, FASB issued guidance that applies to privately held companies using GAAP providing a way for some construction companies to realize a simpler way to handle the financial reporting of these type of lease/buy-back arrangements.
Read More
Topics:
common-control leasing,
Construction,
FASB,
Financial Reporting,
GAAP,
Uncategorized
For years, small companies and their accountants have complained about the increasing complexity and costs of complying with Generally Accepted Accounting Principles (GAAP). So the Financial Accounting Standards Board (FASB) solicited feedback from private company lenders and other stakeholders about the usefulness of certain complex accounting rules.
Read More
Topics:
Accounting,
Advisory,
Commercial Lenders,
GAAP,
Goodwill,
Uncategorized
The Financial Accounting Standards Board (FASB) has issued guidance that lays out new rules for financial reporting on discontinued operations. The rules reduce the number of asset disposals that companies must present as discontinued operations in their financial statements. But they also expand the disclosures that are required when discontinued operations are reported.
Read More
Topics:
discontinued operations,
GAAP,
Uncategorized
