NSAC Happenings and Latest News - Page 106
Companies not ready to automate fixed assets accounting
Relatively few companies are using dedicated fixed assets accounting software, according to a new survey, and are instead relying on homegrown spreadsheets and databases. The survey, by Bloomberg BNA, which markets its own fixed assets software, found that only about a third, or 37.6 percent, of the 100 U.S. finance executives it polled are using dedicated fixed assets systems. Nearly half of them (or 46.8 percent) said their fixed assets ...
Read MoreProposal Would Simplify How Entities Determine the Balance Sheet Classification of Debt
The FASB proposed replacing today’s rules-based guidance for determining whether to classify debt as current or noncurrent on the balance sheet with a principles-based approach. Debt would be classified as noncurrent only when it is contractually due to be settled more than one year (or operating cycle, if longer) after the balance sheet date or when the entity has a contractual right to defer settlement for at least one year (or operating ...
Read MoreFASB 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 ...
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