US-based businesses with subsidiaries in China need to prepare financial statements that are consistent withUS Generally Accepted Accounting Principles (GAAP) and the new Financial Accounting Standards Board (FASB) lease accounting standards. While Chinese subsidiaries need to file financial st...
FASB published an update Tuesday aimed at improving guidance on the reporting of induced conversions related to settlement of convertible debt instruments. TheAccounting Standards Update (ASU)improves the relevance and consistency of guidance in FASB Subtopic 470-20,Debt—Debt with Conversion and Other ...
Accounting and reporting for costly R&D programs in pharma and other life sciences segments can be complex, but a proposed Financial Accounting Standards Board (FASB) standard, if finalized, would create new exceptions that would potentially simplify the way companies account for R&D fun...
Under the new accounting standards, the direct expenses for business combination must be treated as a reduction of equity, while the indirect expenses must be expensed. The acquiree's identifiable net assets must be revaluated according to the fair value. If the acquirer's cost of investment is...
The FASB has issued an Accounting Standards Update (ASU) aimed at enhancing the transparency of financial reporting.
As of Jan. 1, 2022, the Financial Accounting Standards Board (FASB) lease accounting standard, Accounting Standards Codification (ASC) 842, “Leases,” became effective for many private companies, requiring lessees to recognize most leases on their balance sheets. But many organizations still have...
The FASB has released a new standard for accounting and disclosing some crypto assets. See what this includes and how it may impact your business here.
New accounting rules published Tuesday by FASB establish whether and at what threshold an acquired business or not-for-profit organization can apply pushdown accounting. Pushdown accounting occurs in an acquisition when an acquired organization uses the
On June 16, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13 and added to US generally accepted accounting principles (GAAP) ASC Topic 326,Financial Instruments–Credit Losses. The main objective of this new standard is to provide financial sta...
Effective this year, insurers must comply with a new Federal Accounting Standards Board (FASB) rule, "Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts" or ASU 2010-26. The update clarifies which costs can be amortized as deferred acquisition costs (DAC).George Hr...