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Private Companies Given Accounting Alternatives for Acquired Intangible Assets
Posted by John Cronin on Tue, Sep 29, 2015 @ 10:46 AM

Private companies have a new option for the recognition of identifiable intangible assets in certain transactions. Released December 23, 2014, the Financial Accounting Standards Board (FASB) ASU No. 2014-18, Business Combinations (Topic 805): Accounting for Identifiable Intangible Assets in a Business Combination permits an alternative for a qualifying private company to not record or measure certain intangible assets that would otherwise be required to be recorded at fair value as part of the following transactions:

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Topics: accounting, John Cronin, private companies, intangible assets

The FASB Asks - Will Your Entity Continue as a Going Concern?
Posted by John Cronin on Wed, Dec 17, 2014 @ 09:02 AM

The Financial Accounting Standards Board (FASB) recently issued Accounting Standards Update 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern (ASU 2014-15). ASU 2014-15 requires management to evaluate whether substantial doubt exists that an entity will be able to continue as a going concern and defines, for the first time in US GAAP, the key terminology and responsibilities of management related to an entity's ability to continue as a going concern.

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Topics: John Cronin, FASB, entity structure, going concern

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

SEC Final Report on IFRS Does Not Include a Recommendation for US Implementation
Posted by John Cronin on Mon, Aug 27, 2012 @ 09:17 AM

Report Addresses Six Areas of Concern

Author: John Cronin

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Topics: John Cronin, reporting requirements, SEC report, IFRS

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