Hot Topics Article Archives - Page 55
FASB 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 ...
Read MoreDeal Reached on Fixing 'Grain Glitch' in New Tax Law
Two trade groups representing farmer cooperatives and grain and feed producers have reached an agreement to resolve a technical problem in the Tax Cuts and Jobs Act, with the support of Republican leaders in Congress who hope to include the provision within a larger appropriations bill. Section 199A of the tax law that Congress passed last December gave an advantage to farm cooperatives over corporate-owned feed producers such as Archer Daniels ...
Read MoreNSAC longtime member Thomas Kandel, notes his retirement
Thomas Kandel will be retiring from National Rural Utilities Cooperative Finance Corporation, (NRUCFC) effective March 30, 2018. Tom served as Vice President and Chief Financial Officer, Southern Maryland Electric Cooperative from 1996-2006. Having worked over 45 years in or associated with the electric utility industry, including investor-owned utilities (Columbus and Southern Ohio Electric Company, Madison Gas and Electric Company and ...
Read More