NSAC Happenings and Latest News - Page 117
IRS issues 2016 and revised 2015 vehicle depreciation limits
The IRS issued guidance providing revised limits for the amount of depreciation taxpayers can take for the first year they use a passenger automobile (including a truck or van) for business in 2015 and the new depreciation limits for 2015. The guidance also includes the lease inclusion amounts that vehicle lessees must include in income for 2016 (Rev. Proc. 2016-23). The revisions apply to passenger vehicles that were placed in service ...
Read MoreNew credit impairment standard, hedge accounting proposal on the way
The FASB hopes to issue a new credit impairment standard in the second quarter of 2016 that would require entities to estimate and recognize an allowance for lifetime expected credit losses for loans, trade receivables, held-to-maturity debt securities and certain other financial assets measured at amortized cost. Estimating an allowance for lifetime expected losses would likely require changes in the processes, systems and controls entities use ...
Read MoreMobile Accounting
Best Practices: Mobile Accounting Eight issues that companies looking to implement mobile accounting should consider. 1. Define Mobile Accounting Mobile accounting could mean different things to different people and businesses, so the first step in a successful rollout is defining what it means to you and your company. 2. Security CPAs and finance professionals must tackle increasingly sophisticated threats, ranging from cyber attacks ...
Read MoreNew Leasing Standard Could Benefit Companies
The Financial Accounting Standards Board’s new lease accounting standard could have some positive payoffs for companies if they take a careful approach to implementing it. FASB released the long-awaited standard after a decade of work with the International Accounting Standards Board as one of their major convergence projects. The standard will add operating leases to the balance sheet for the first time for many companies, and ...
Read MoreFASB Streamlines Move to Equity Method of Accounting
The Financial Accounting Standards Board has issued an accounting standards update making it easier for companies to transition to the equity method of accounting. Stakeholders told FASB that the requirement to retroactively adopt the equity method of accounting is costly and time consuming when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of ...
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