NSAC Happenings and Latest News - Page 102
FASB Clarifies Business Definition
The Financial Accounting Standards Board has released guidance aimed at clarifying the official definition of a “business” for purposes of the accounting rules. The new accounting standards update issued recently by FASB affects any company or other type of reporting organizations that needs to determine whether it has acquired or sold a business. The definition of a business can have an impact on many areas of ...
Read MoreFASB addresses debt classification, inventory disclosures
In separate proposals issued recently, FASB addressed balance sheet classification of debt and the disclosure requirements for inventory under the board’s Disclosure Framework. The proposed Accounting Standards Update on debt classification is designed to simplify guidance used to determine whether debt should be classified as current or noncurrent in a classified balance sheet. If approved, the proposed guidance would replace ...
Read MoreIRS Adjusts Employer-Provided Vehicle Maximums for 2017
The Internal Revenue Service has issued a notice describing the maximum vehicle values for 2017 that taxpayers need for determining the value of personal use of employer-provided vehicles under the Income Tax Regulations’ special valuation rules. Notice 2017-03 applies to employer-provided passenger automobiles first made available to employees for personal use in calendar year 2017 under section 1.61–21 (d) and (e) of the ...
Read MoreFASB proposal would improve hedge accounting, AICPA committee says
A FASB proposal for targeted improvements to accounting for hedging activities would simplify and improve the current model, according to a comment letter sent by the AICPA Financial Reporting Executive Committee (FinREC). In an effort to improve the hedge accounting model, FASB on Sept. 8 issued Proposed Accounting Standards Update, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging ...
Read MoreYear-End Tax Tips
Steps to take before the New Year for a better tax return in 2017 1. First – what’s not changing: While President-elect Trump is in a strong position to enact his promise of lower tax brackets next year, it’s important to remember that the current income tax rates of 10, 15, 25, 33, 35 and 39.6 percent are still in effect for the tax returns being filed next mid-April. The standard deduction amounts remain $6,300 ...
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