CPA Practice

OCTOBER 31, 2024

The Financial Accounting Standards Board (FASB) has published a proposed Accounting Standards Update (ASU) intended to improve the requirements for identifying the accounting acquirer in FASB Accounting Standards Codification Topic 805, Business Combinations.

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Snyder

MAY 27, 2022

So what’s managerial accounting, and why is it crucial for small business owners? Managerial accounting is…. How managerial accounting looks at data. What managerial accounting focuses on. Major tasks of managerial accounting. Financial accounting vs. managerial accounting. Contents: 1.

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CPA Practice

NOVEMBER 13, 2024

The Financial Accounting Standards Board (FASB) is looking to provide investors and other stakeholders some clarity on the current interim reporting requirements, specifically when that guidance is applicable and which disclosures are required in interim reporting periods.

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CPA Practice

NOVEMBER 4, 2024

A new standard requiring public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements was finalized by the Financial Accounting Standards Board (FASB) on Nov.

financial statements 116

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CPA Practice

DECEMBER 14, 2023

The Financial Accounting Standards Board ( FASB ) has issued an Accounting Standards Update (ASU) that addresses requests for improved income tax disclosures from investors, lenders, creditors, and other allocators of capital (collectively, “investors”) that use the financial statements to make capital allocation decisions.

income tax 110

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CPA Practice

SEPTEMBER 30, 2024

The Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update on Sept. The amendments in Accounting Standards Update No. When the grantor elects to account for forfeitures as they occur, revenue recognition may be delayed for awards that are not probable of vesting.

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CPA Practice

MARCH 16, 2023

The Financial Accounting Standards Board released a proposed Accounting Standards Update (ASU) on Wednesday that addresses requests from investors for improved income tax disclosures.

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CPA Practice

JULY 15, 2024

The Financial Accounting Standards Board (FASB) issued a new chapter of its Conceptual Framework related to the measurement of items recognized in financial statements on July 12, marking the end of this multiyear project. GAAP, the standard-setting group said. The first chapter under Concepts Statement No.

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SMBAccountant

DECEMBER 2, 2020

Many small business government contractors are exempt from complying with cost accounting standards (CAS) and defined by the code of federal regulations (CFR). However, compliance with generally accepted accounting principles (GAAP) is required. What exactly is GAAP? All publicly traded companies are required to follow GAAP.

Government 219

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CPA Practice

MARCH 20, 2024

The Securities and Exchange Commission has accepted the 2024 GAAP Financial Reporting Taxonomy (GRT) and the 2024 SEC Reporting Taxonomy (SRT), collectively known as the “ GAAP Taxonomy ,” the Financial Accounting Standards Board (FASB) said on March 19. The DQCRT contains a subset of the DQC rules.

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CPA Practice

DECEMBER 22, 2023

The Financial Accounting Standards Board has issued a proposed new chapter of its Conceptual Framework related to the measurement of items recognized in financial statements. The Conceptual Framework is a body of interrelated objectives and fundamentals that provides the FASB with a useful tool as it sets standards.

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CPA Practice

DECEMBER 19, 2023

The Financial Accounting Standards Board (FASB) on Dec. 18 released the following taxonomies for 2024: GAAP Financial Reporting Taxonomy (GRT), SEC Reporting Taxonomy (SRT), and DQC Rules Taxonomy (DQCRT). Data Quality Committee’s (DQC) validation rules, predominantly for regulator use.

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CPA Practice

NOVEMBER 27, 2023

The Financial Accounting Standards Board (FASB) on Monday approved new rules that are expected to improve disclosures about a public company’s reportable segments and provide more information to investors about a segment’s expenses. The changes outlined in Accounting Standards Update (ASU) No.

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CPA Practice

JANUARY 23, 2024

Have you been over to the Financial Accounting Standards Board’s (FASB) website lately? We are confident that they will appreciate the many improvements we made and how much easier it is to access important information.” If not, it has a new look.

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CPA Practice

OCTOBER 9, 2023

The Financial Accounting Standards Board ( FASB ) has issued an Accounting Standards Update (ASU) that incorporates certain U.S. Securities and Exchange Commission (SEC) disclosure requirements into the FASB Accounting Standards Codification. In SEC Release No.

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CPA Practice

NOVEMBER 14, 2024

The Financial Accounting Standards Board (FASB) is calling on academics, accountants, auditors, lenders, financial statement preparers, and other stakeholders to provide their views on financial key performance indicators (KPIs). The FASB on Nov. The FASB on Nov.

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CPA Practice

DECEMBER 13, 2023

The Financial Accounting Standards Board ( FASB ) has published an Accounting Standards Update (ASU) intended to improve the accounting for and disclosure of certain crypto assets. The ASU , including more information about transitioning to the new standard, is available at www.fasb.org

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Cherry Bekaert

FEBRUARY 12, 2024

On December 14, 2023, the Financial Accounting Standards Board (FASB) issued final guidance concerning income tax disclosures, labeled Accounting Standards Update No. 2023-09 (ASU 2023-09). For businesses surpassing specified quantitative thresholds, further disaggregation by taxing jurisdictions may be required.

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CPA Practice

SEPTEMBER 25, 2024

The Financial Accounting Standards Board (FASB) released an exposure draft on Sept. 25 on a proposal that would clarify parts of its current guidance on hedge accounting and address several incremental hedge accounting issues arising from the global reference rate reform initiative.

accountant 111

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CPA Practice

SEPTEMBER 7, 2023

The Financial Accounting Standards Board (FASB) unanimously approved new rules on Sept. Our mission is to best reflect the economics of a transaction and provide investors and allocators of capital with the information they need. I think this [standard] moves the needle there.

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CPA Practice

JULY 23, 2024

Investors, accounting firms, and other stakeholders have until Oct. 21 to provide comments on a new proposed Accounting Standards Update (ASU) issued by the Financial Accounting Standards Board (FASB) on Tuesday that aims to clarify rules on derivative accounting.

accountant 122

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CPA Practice

AUGUST 9, 2024

The Financial Accounting Standards Board ( FASB ) has issued its 2024 Investor Outreach Report. Those priorities include projects that address disaggregation of financial reporting information; income tax disclosures; accounting for environmental, social, and governance (ESG)-related transactions (e.g.,

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Cherry Bekaert

JULY 29, 2024

The Financial Accounting Standards Board (FASB) did not issue any new Accounting Standard Updates (ASUs) in the second quarter of 2024, while the Government Accounting Standards Board (GASB) issued one new GASB Statement. The latest issue of the Rundown features a summary of this new standard.

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Withum

MAY 28, 2024

The Financial Accounting Standards Board (FASB) has issued two new accounting standards updates applicable to business combination accounting. It is expected to provide more useful information to investors and other financial statement users.

accountant 69

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Withum

MARCH 1, 2024

In November 2023, the Financial Accounting Standards Board (FASB) issued a new Accounting Standards Update (ASU) to improve disclosures related to reportable segments. Segment information allows users of the financial statements to better understand the activities that comprise a company’s business.

Non-Profits 80

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Withum

MAY 7, 2024

When equity investments are valued at fair value, fair value needs to be measured based upon the requirements in Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement. Whether users of financial statements need additional information to evaluate the quantitative information disclosed.

Sales 69

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CPA Practice

APRIL 30, 2024

The Financial Accounting Standards Board ( FASB ) has added three new members to its Small Business Advisory Committee ( SBAC ), effective immediately. For more information about the SBAC and its activities, visit www.fasb.org.

Texas 52

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SkagitCountyTaxServices

JUNE 8, 2022

If the last 20 years of the economy’s highs and lows, downturns and headlines taught us anything about business, it’s that complete and transparent accounting is in everyone’s best interest. One independent organization working to keep companies’ books clear and honest is the Financial Accountant Standards Board.

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CPA Practice

OCTOBER 29, 2024

The Financial Accounting Standards Board (FASB) issued a plan on Oct. 29 to modernize guidance on the accounting for software costs, which the board said would enhance the transparency of an entity’s cash flows related to internal-use software costs.

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Withum

JANUARY 12, 2024

A Purchase Price Allocation (“PPA”) is a financial accounting process that takes place after a business acquisition or merger. The purpose of a PPA is to determine the fair value of the acquired assets and liabilities, which is essential for accurate financial reporting. What is a PPA?

Real Estate 75

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Cherry Bekaert

SEPTEMBER 22, 2023

Contributors: Graham Michitsch, Senior Manager On September 6, 2023, the Financial Accounting Standards Board voted on cryptocurrency accounting and set in place a new rule that business must use fair-value accounting for certain crypto assets that meet the predefined criteria, such as bitcoin.

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CPA Practice

AUGUST 23, 2023

The Financial Accounting Standards Board (FASB) issued a new standard on Wednesday that addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. 1, 2025, and early adoption is permitted.

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CPA Practice

MARCH 24, 2023

The Financial Accounting Standards Board (FASB) on Thursday published an exposure draft of its proposed accounting rules on how companies should report certain types of crypto assets and digital currencies.

accountant 111

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CPA Practice

AUGUST 1, 2023

The Financial Accounting Standards Board ( FASB ) has published a proposed Accounting Standards Update (ASU) intended to provide investors with more decision-useful information about a public business entity’s expenses.

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Cherry Bekaert

APRIL 26, 2024

The Financial Accounting Standards Board (FASB) issued two Accounting Standard Updates (ASUs) in the first quarter of 2024. The Government Accounting Standards Board (GASB) did not issue any new GASB Statements in the first quarter of 2024. However, FASB Concepts Statements are nonauthoritative.

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CPA Practice

DECEMBER 12, 2023

The implementation of ASC 842 by the Financial Accounting Standards Board brought about significant changes to lease accounting, impacting businesses across various industries. Optimized decision-making for informed approaches or at least considerations pre and post-ASC 842 for optimizing agreements and compliance. “We

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CPA Practice

OCTOBER 18, 2023

As a leader on the forefront of financial reporting during a challenging period for the accounting and finance profession, Herz has demonstrated exemplary leadership and held key positions that have shaped the accounting landscape.

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