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Financial Statement Changes Coming in the Wake of ’Wayfair’
Posted by Patrick Quinn on Thu, Aug 30, 2018 @ 02:27 PM

The Supreme Court recently ruled that a physical presence in a state is not required for a state's sales and use tax requirements. In response to South Dakota v. Wayfair, Inc., states are rapidly updating their policies to collect state sales taxes from companies that conduct business remotely.

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Topics: economic nexus, Patrick Quinn, Sales Tax, Accounting Issues, Wayfair, South Dakota vs Wayfair, Financial Statement

Simplification? An Examination of Readily Determinable Fair Value
Posted by Paul Languirand on Wed, Jun 13, 2018 @ 11:42 AM

The Financial Accounting Standards Board (FASB)'s revised definition of readily determinable fair value (RDFV) may have in fact made the net asset value practical expedient more difficult to apply. In 2015, the FASB issued accounting updates addressing investments that calculate net asset value (NAV) per share, which, among other amendments, amended the definition of RDFV. Feedback received from financial statement preparers and users indicate that the intended clarification may have resulted in additional confusion rather than clarity regarding when a financial instrument is considered to have a RDFV. As a result, employee benefit plan advisors, financial statement preparers, and investors in entities with the impacted financial instruments may want to take a closer look at the issue, which could have an effect on their accounting for alternative investments.

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Topics: Paul Languirand, FASB, Fair Value, Financial Accounting Standards Board, Accounting Issues, net asset value, NAV

Tax Reform’s Top Accounting Issues
Posted by Paul Languirand on Thu, Mar 8, 2018 @ 03:05 PM

Much of the attention around tax reform has been on the tax side of the equation—the corporate tax cuts, the changes to business tax deductions, and the lower tax rates for individuals. But the tax law comes with accounting considerations as well that must be addressed earlier than you may expect.

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Topics: Paul Languirand, Tax Reform, Tax Cuts and Jobs Act, TCJA, Accounting Issues

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