• IRS issues “begun construction” guidance for certain renewable energy facilities

    On April 15, 2013, the Internal Revenue Service (IRS) provided guidance, (IRS Notice 2013-29), relative to the "begun construction" requirement for facilities producing electricity from wind, biomass, landfill gas, municipal solid waste and certain other qualified energy sources to qualify for the Production Tax Credit (PTC) and Investment Tax Credit (ITC) under the American Taxpayer Relief Act of 2012
  • FASB exempts private companies from a fair value measurement disclosure

    The Financial Accounting Standards Board (FASB) recently issued guidance clarifying the applicability to nonpublic entities of a certain disclosure requirement regarding the fair value of assets and liabilities. The guidance, found in Accounting Standards Update (ASU) No. 2013-03, Financial Instruments (Topic 825): Clarifying the Scope and Applicability of a Particular Disclosure to Nonpublic Entities, takes effect immediately. It directly affects private companies that have total assets of $100 million or more — or one or more derivative instruments — and the preparation of their 2012 financial statements.