General Article Archives - Page 7
ACCTFAX Winter 2021
Originally published in The Cooperative Accountant, Winter 2021 Issue FASB PROPOSES IMPROVEMENTS TO FAIR VALUE GUIDANCE FOR EQUITY SECURITIES On September 15, 2021, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) that would improve financial reporting for investors and other financial statement users by increasing comparability of financial information across reporting ...
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Originally published in The Cooperative Accountant, Winter 2021 Issue Violations Enforced by Governmental Agencies Introduction To inhibit damaging practices and to encourage compliance, a plethora of government agencies enforce the compliance of regulations. Agencies like the Environmental Protection Agency (EPA) provide efficiencies to the market and peace of mind to consumers ...
Read MoreFall 2021 ACCTFAX
Originally published in The Cooperative Accountant, Fall 2021 Issue FASB ISSUES STANDARD TO IMPROVE A LESSOR’S ACCOUNTING FOR CERTAIN LEASES WITH VARIABLE LEASE PAYMENTS On July 19, 2021, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) intended to improve an area of the leases guidance related to a lessor’s accounting for certain leases with variable lease payments. During the ...
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Originally published in The Cooperative Accountant, Fall 2021 Issue FASB Simplification Initiative Related to Income Taxes In recent years the Financial Accounting Standards Board (FASB) launched the Simplification Initiative to reduce unnecessary complexity in the various areas of accounting. The Simplification Initiative has resulted in several narrow scope changes to the accounting guidance while maintaining the decision ...
Read MoreTAXFAX Fall 2021
Originally published in The Cooperative Accountant, Fall 2021 Issue Employee Retention Credit The CARES (“Coronavirus Aid, Relief, and Economic Security”) Act enacted in March of 2020 provided various benefits for employers to retain their current employees amid the economic downturn of the pandemic. The Employee Retention Credit (“ERC”) was first introduced in this Act. In December of 2020, the ERC was ...
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