NSAC Happenings and Latest News - Page 112
FASB Seeks Uniformity in Cash Flow Presentation
Concerns over divergent practices for reporting on the statement of cash flows led to FASB’s issuance Friday of a new standard for presenting and classifying certain cash payments and cash receipts. Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, provides guidance for eight specific cash flow issues: • Debt prepayment or debt extinguishment ...
Read MoreSales and Use Tax Audit Sampling
Business taxpayers sometimes face surprisingly large sales and use tax audit assessments when the tax or taxable amount is projected from seemingly small and infrequent errors in the auditor's sample. Depending on how the sample is designed and weighted, large audit assessments can either reasonably reflect the taxpayer's actual facts or unintentionally be in error due to the sampling methodology itself. Many taxpayers are not equipped to ...
Read MoreThe Hidden Costs of a Data Breach
Much of the business discussion around cyber-security relates to protection of key assets such as customer information and intellectual property, often after the news that another company has suffered a large data breach. While strengthening defenses against cyber-attackers is important, companies also must be prepared to handle the reputational and financial hits that a cyber incident can produce for years down the road. Cyber-security has the ...
Read MoreCost Segregation Recapture Tax
Cost Segregation Recapture Tax Here are some ways to lower any depreciation recapture when disposing of a property. Savvy tax professionals who recommend cost-segregation studies are well aware of the recapture tax rules that require taxpayers to pay back any tax deductions for accelerated depreciation when the property is sold. After all, in the right situation, the net present value of those tax savings far exceeds any recapture tax payback.
Read MoreFASB proposes concepts for financial statement presentation
FASB issued a proposal that would establish a set of concepts for how recognized items should be presented in a financial statement. The exposure draft issued by FASB is designed for provide a foundation for the board as it creates future accounting standards, with a goal of enhancing financial statement users’ ability to assess prospects for future cash flows by addressing how to: Group individual recognized items into ...
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