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Demystifying the Accounting for Business Combinations - A Plain-English Discussion
Posted by Robert Miller on Wed, Sep 14, 2016 @ 08:15 AM

The economy has continued to improve over the past few years and that has meant more transactions involving businesses being bought and sold. With that comes the need to properly account for those transactions. The rules under U.S. generally accepted accounting principles (GAAP) can sometimes be complex and application of those rules can often be a challenge. CEOs, CFOs and business owners are well advised to have adequate familiarity with the requirements under the applicable standards because proper application of such standards is critical to achieve correct reporting for acquired businesses.

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Topics: accounting, GAAP, Business Combinations, acquisition, acquisition method, ASC 805

FASB Update Eliminates the Current Portion of Deferred Taxes
Posted by Chrissy Hammond on Tue, Dec 8, 2015 @ 08:00 AM

Entities will soon be required to present deferred tax liabilities and assets as noncurrent in their financial statements. The Financial Accounting Standards Board (FASB) recently released an accounting standards update (ASU) to reduce the complexity in current practice. ASU 2015-17 Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes modifies current generally accepted accounting procedures (GAAP), in which entities separate deferred income tax liabilities into current and noncurrent accounts in their statement of financial position.

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Topics: GAAP, FASB, deferred tax, Financial Accounting Standards Board

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

The Correct Approach to Accounting for Fundraising Costs
Posted by Dyan Reinhold on Thu, Dec 5, 2013 @ 09:39 AM

A diversity of practices exist when it comes to accounting for fundraising costs. Since this is an area that is likely to receive increased attention by the IRS in the coming years, we advise not-for-profit organizations to review their approach and ensure proper fundraising cost reporting is taking place. 

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Topics: GAAP, Dyan Reinhold, non-for-profit, Non-profits

AICPA Issues Optional Financial Reporting Framework for Small and Medium-Sized Entities
Posted by John Cronin on Wed, Nov 27, 2013 @ 09:20 AM

The AICPA recently issued the "Financial Reporting Framework for Small- and Medium-Sized Entities" (“FRF for SMEs”) as an option to International Financial Reporting Standards (“IFRS”) for SMEs. Because IFRS for SMEs is recognized as a set of generally accepted accounting principles and the AICPA's framework is not, use of the AICPA framework is strictly optional.

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Topics: GAAP, John Cronin, AICPA

Paving the Road to Private Company GAAP
Posted by Kristen Shepley on Tue, Jul 10, 2012 @ 09:22 AM

Making GAAP Relevant

Recently, the Financial Accounting Foundation (FAF) approved the creation of the Private Company Council (PCC).  The PCC will vote on exceptions and modifications to U.S. Generally Accepted Accounting Principles (GAAP) that better meet the needs of private companies, paving the road to private company GAAP.

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Topics: GAAP, private companies, Kristen Shepley, audit, FAF

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