- FASB has released four major updates to U.S. GAAP that will go into effect in the next few years. These sweeping changes — combined with plans to reform the tax code and reduce federal regulations under the Trump administration — have created a volatile environment for CFOs and controllers. Here's a summary of what’s changing and when the changes, if applicable to you, will hit your financial statements.
- The accounting rules for mergers and acquisitions can be complicated depending on how a deal is structured. Here are four questions to ask to help you record your transaction correctly.
- The FASB’s Emerging Issues Task Force took an important step toward answering a question about the accounting for the costs of purchasing business software applications that are managed as a cloud computing service. Before the task force submits a formal recommendation the FASB, it wants more research about how the costs would be capitalized.
- The FASB is considering whether to update the definitions for some primary financial reporting terms such as revenues and expenses. The debate is part of the accounting board’s effort to revise its Conceptual Framework, the guide the board uses to help it write consistent accounting standards.
- Baker Tilly provides comment on the proposed ASU for Consolidation (Topic 810), Targeted Improvements to Related Party Guidance for Variable Interest Entities, issued by the FASB.
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