- The House issued the first draft of its tax reform bill, the Tax Cuts and Jobs Act, with major changes including cutting down the number of tax brackets, eliminating most itemized deductions and phasing out the estate tax.
- Businesses that meet the definition of a public business entity because their financial statements have to include, or be included, with the financial statements or financial information of other public companies can have more time to adopt the FASB's revenue recognition and lease accounting standards. The organizations can adopt the new standards at the same time as private companies, the FASB said in an update to U.S. GAAP.
- 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.
- This article, featured in Construction Executive, provides contractors an overview of the new revenue recognition standard and tips on getting started with implementation.
- In this series of insights, we illustrate the critical new concepts of each element of the revenue recognition standard with construction industry-specific scenarios so you can begin to assess the impact it will have on your business.
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