Category: Taxation

Go to Source Author: In our comment letter, we support the ASB’s efforts to align the materiality concepts discussed in AICPA Professional Standards with the definition of materiality used by the US Supreme Court, the auditing...

Go to Source Author: In our comment letter on the SEC’s proposal to modify the accelerated and large accelerated filer definitions, we express our overall support of Section 404(b) of the Sarbanes-Oxley Act of 2002, which...

Go to Source Author: In our comment letter on the SEC’s proposal on disclosures about acquisitions and disposals of businesses, we support the SEC’s efforts to simplify the existing requirements and create corresponding rules...

Go to Source Author: In our comment letter, we support the ASB’s efforts to align the materiality concepts discussed in AICPA Professional Standards with the definition of materiality used by the US Supreme Court, the auditing...

Go to Source Author: The FASB proposed simplifying an issuer’s accounting for financial instruments with characteristics of liabilities and equity by eliminating the requirements in ASC 470-20 to separately account for embedded...

Go to Source Author: One new accounting pronouncement is effective for the second quarter of 2019 for calendar-year entities. All entities should carefully evaluate which accounting requirements apply to them for the first...

Go to Source Author: Our Technical Line highlights key implications of the new revenue standard for retail and consumer products entities. This publication has been updated to address considerations for private label and...

Go to Source Author: The FASB decided to reconsider its philosophy on establishing effective dates for major projects for private companies, not-for-profit organizations and smaller public companies. The Board added a project to...

Go to Source Author: The FASB staff told the Board at a public meeting that it responded to a technical inquiry by saying that, under ASC 842, lessors can continue to recognize a reserve (i.e., allowance for uncollectible...

Go to Source Author: Accounting for indefeasible rights of use (IRU) contracts can be complicated, and determining whether such a contract is a lease or contains a lease in accordance with ASC 842 requires careful consideration...

Go to Source Author: The AICPA issued a new standard for financial statement audits of employee benefit plans that are subject to the Employee Retirement Income Security Act (ERISA). The AICPA is trying to improve the quality of...

Go to Source Author: In our comment letter, we support the FASB’s simplification initiative and its objective of reducing the cost and complexity of financial reporting while improving or maintaining the usefulness of the...