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How to Make the Most of FASB's Effective Date Delays
Delays FASB has proposed for effective dates for certain preparers for three major accounting standards represent an opportunity for company finance departments to implement the standards more thoroughly, review public company filings, and make process and business improvements. FASB proposed delays in the effective dates for accounting standards for leases, credit losses, and derivatives and hedging. A delay in the effective date for ...
Read MoreTreasury and IRS Unveil New Form W-4 For 2020
The Treasury said it doesn’t expect to make further changes to the redesign beyond some minor updates for inflation adjustments. The redesigned Form W-4 employs a building block approach to replace complex worksheets with more straightforward questions that make it simpler for employees to figure a more accurate withholding. While it uses the same underlying information as the old design, the new form uses a more ...
Read MoreCould the Next Sin Tax Fall on Red Meat?
Meat could be a target for higher taxes given criticism of the industry’s role in climate change, deforestation and animal cruelty, according to a report by Fitch Solutions Macro Research. The idea is still in its infancy and faces a lot of opposition from farming groups, but it’s emerging as a trend in Western Europe, said the research group. If taxes gain traction, it could encourage more people to switch to poultry or ...
Read MoreFASB Proposes Delays in 3 Key Effective Dates
Certain financial statement preparers would receive the benefit of effective date delays in FASB’s accounting standards for leases, hedging, and credit losses under a proposal the board issued. In response to preparers’ concerns about overload while implementing these three significant standards, FASB proposed amending the effective dates. “Private companies, not-for-profit organizations, and ...
Read MoreFASB Proposes Standard for Distinguishing Liabilities From Equity
The Financial Accounting Standards Board released a proposed accounting standards update with the goal of enhancing the guidance for financial instruments with the characteristics of liabilities and equity, including convertible instruments and derivatives. The proposed update aims to improve the guidance for both convertible instruments and the derivatives scope exception for contracts in a company’s own equity. It ...
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