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Does Early Adoption of an Accounting Standard Make Sense for Your Company?
Posted by Paul Languirand on Tue, Mar 14, 2017 @ 07:04 AM

Many recent accounting standards updates (ASUs) have been written to simplify or clarify U.S. generally accepted accounting principles (GAAP) and have permitted early adoption. Early adopting some of these ASUs could streamline processes for the closing of year end and preparation of financial statements.

Our publication, Accounting Updates that Impact 2016 Financial Reporting, contains information about standards that are required to be adopted for year-end December 31, 2016 financial statements of both public and private companies.

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Topics: ASU, Paul Languirand, accounting standards

Development Stage Entities Removed From U.S. GAAP
Posted by Paul Languirand on Thu, Sep 4, 2014 @ 09:32 AM

The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-10 Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation, which eliminates development stage entities from U.S. generally accepted accounting principles (U.S. GAAP).

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Topics: ASU, GAAP, Paul Languirand, FASB

A Pushdown Accounting Proposal for All
Posted by Kristen Shepley on Tue, Jun 10, 2014 @ 09:20 AM

Pushdown accounting — the recording of a new basis in assets and liabilities in the stand-alone financial statements of a newly acquired subsidiary entity — has been addressed by the Securities and Exchange Commission (SEC), but the Financial Accounting Standards Board (FASB) has not previously provided guidance that would apply to all nonregistrants.

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Topics: accounting, pushdown accounting, goodwill, ASU, FASB

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