NSAC Happenings and Latest News - Page 88
Selecting Lease Accounting Software ? What to Consider
In early 2016, the Financial Accounting Standards Board (FASB) issued the most significant change to financial reporting for leases in 40 years. For the first time, most operating leases will be reported on company balance sheets, requiring more complex calculations than previous guidance. With a deadline for compliance as of 2019, businesses across the United States are now working with their accounting departments to select the best lease ...
Read MoreIRS Releases Updated Withholding Calculator and 2018 Form W-4
The IRS has completed updating its online withholding calculator that individual taxpayers can use to determine how many withholding allowances they should claim for 2018. The IRS also issued a new 2018 Form W-4, Employee's Withholding Allowance Certificate. The IRS had previously announced that taxpayers could use the old 2017 Form W-4, as modified in Notice 2018-14, until 30 days after the new form was issued. The calculator and new Form W-4 ...
Read MoreFASB Proposes Changes in Accounting for Cloud Computing Costs
The Financial Accounting Standards Board issued a proposed accounting standards update aimed at improving how to account for the costs of implementing cloud computing. The proposed update would specifically clarify the accounting for implementation costs related to a cloud computing arrangement that is a service contract. It also would provide more disclosures of the implementation costs for internal-use software and cloud computing ...
Read MoreIRS Issues New Tax Rate Tables, Inflation Adjustments for 2018
In Rev. Proc. 2018-18, the IRS announced the new lower tax brackets for 2018 and a number of other new items affected by P.L. 115-97, known as the Tax Cuts and Jobs Act. It also issued inflation-adjusted amounts for many provisions that were unchanged by the Act, other than that the inflation adjustments now must be calculated using the chained consumer price index method, updating the numbers that were originally announced in Rev. Proc.
Read MoreA Closer Look at the FASB's New Hedge Accounting Standard
The final guidance issued by the FASB on hedge accounting is intended to enable entities to better portray their risk management activities in their financial statements. The amendments expand the strategies that qualify for hedge accounting, change how many hedging relationships are presented in the financial statements and simplify the application of hedge accounting in certain situations. New or modified disclosures are required, primarily ...
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