Private Company Alternatives for Purchase Accounting

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Background In August of 1970, the Accounting Principles Board (APB) issued Opinion 16: Business Combinations to set the standards for accounting for business combinations. Under APB 16, there were two methods of accounting for business combinations: the pooling of interests method and the purchase method. Business combinations that originated from the exchange of equity securities […]

ASU 2018-15 Simplifies Accounting for Cloud Computing Expenses

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As cloud computing became more popular, businesses took different approaches to how they accounted for it on their financial statements. But, as the percentage of businesses using cloud products increased, the FASB and other standard setters realized that the “diversity” in practice was growing too large, and began to issue regulations to clarify the process […]

NetSuite Podcast Reviews How Private Companies Should Prepare for ASC 842

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The new FASB lease accounting standard ASC 842 is already in effect for public companies with a calendar year-end. Private companies with a calendar year-end must comply with the new standard beginning January 1, 2020. Read the NetSuite blog post for more details about Episode 21, which discusses the important facts to know about the standard and how […]

Future Changes Approved for Financial Instruments

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The FASB began 2016 with an update to accounting for financial instruments. ASU 2016-01 removes the existing categories and prescribes the same accounting treatment for all equity securities measured at fair value. Read the article from the Spring 2016 GYF Perspectives.

FASB, goodwill impairment, GYF, Grossman Yanak & Ford LLP, Pittsburgh, CPAs

FASB Simplifies Goodwill Impairment Testing

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One of the most daunting issues related to purchase price allocations related to business acquisitions has been the requirement that acquired goodwill and other intangibles be evaluated annually for impairment of value. For purposes of complying with generally accepted accounting procedures (GAAP), this requirement has been accomplished via a two-step process that, ultimately, was a […]

not-for-profits, accounting standards update, FASB, GYF, Grossman Yanak & Ford LLP, Pittsburgh, CPAs

Update on Proposed Accounting Changes for Not-for-Profits

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The Members of the Financial Accounting Standards Board (FASB) met on October 30, 2015 to discuss the feedback received on the proposed Accounting Standards Update, Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954): Presentation of Financial Statements of Not-for-Profit Entities. The timing of a final release for the ASU has not yet been […]

FASB Update – Business Combinations

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In the Winter 2015 edition of our Valuation Perspectives newsletter, we noted that in December 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2014-18, which provides private companies with an accounting alternative that, in a business combination, would result in separately recognizing fewer intangible assets. Specifically, if elected, a privately-held company would […]

Proposed Accounting Changes for Not-for-Profits

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The Financial Accounting Standards Board (FASB) recently released an exposure draft of a Proposed Accounting Standard Update which will impact Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954). The objective of the update is to improve the requirements for net asset presentation and improve the information in the financial statements and notes relating […]

FASB to Release Proposed Changes for Not-for-Profit Financial Statements

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The Financial Accounting Standards Board (FASB) has announced that it is getting ready to release a set of proposals that could have a major impact on the way nonprofit organizations present their financial statements. The FASB voted earlier this month to issue a proposed accounting standards update (ASU) that would include improvements to the current […]