In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, as part of its accounting standards simplification initiative. The scope of the standard applies to all entities that present a classified balance sheet. Under current GAAP, you are required to separate deferred income tax liabilities and assets...

Last year in this quarterly newsletter we had an article “Leases – Will we ever see a standard?” due to the questions that we were getting from clients on the proposed changes in lease accounting. Well, that question has finally been answered. On February 25, 2016, the FASB issued the much talked about revision to...

A couple key accounting updates that were identified in our Spring 2015 Newsletter as “Updates in the Works” were finalized by the FASB in the second half of 2015: Presentation of Deferred Income Tax Accounts In the past, deferred income taxes were allowed to be classified as either current or non-current and presented as such...

On April 7th, 2015, the Financial Accounting Standards Board (FASB) unveiled new accounting standards updates. One notable update is the modification to debt issuance costs. This new accounting treatment, as part of the Board’s Simplification Initiative, is aimed at reducing costs and complexities and improving the usefulness of information provided to financial statement users. This...

I know, here we go again talking about putting leases on the balance sheet.  The Financial Accounting Standards Board (FASB) has been talking about changes to the current standard since 2006. We keep hearing “when, not if” in regards to changes to lease accounting.  The delay seems to stem from differences in opinion between FASB...

On June 16, 2011, the FASB issued ASU 2011-05, eliminating one of the three existing presentation options for other comprehensive income and requiring reclassification adjustments to be reported on the face of the financial statements rather than in the notes as currently permitted. For non-public entities, this amendment is effective for fiscal years ending after December 15, 2012 and is to be applied retrospectively. If no items of other comprehensive income are present in any of the years presented in the financial statements, this standard does not apply.