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As the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) get closer to releasing their final lease accounting standards, the Wall Street Journal reports that the completion of the rules, which would bring $2 trillion off-balance sheet leases to the financial report, could lead to a wave of loan renegotiations with their banks as the new figures will bump up against covenant features such as specific debt-to-equity ratio, fi
While marijuana legalization in Colorado was anticipated to yield big tax benefits as smokers abandoned the black market for legal highs, revenues on the drug have been far below expectations, according to CNN Money. While early estimates projected that the state would make about $33 million in the first year alone, that figure has instead been closer to $12 million.
Arthur Anderson, the collapse of which brought the Big Five to the Big Four, has been associated with the spectacular fraud that took place at Enron that was exposed in 2001. One firm, WTAS, which staffed with large number of AA alums, hopes that enough time has passed that potential clients won't be turned off by the association now that it has recently transformed itself into Anderson Tax, according to NPR.
Seven out of 10 Americans polled think the most recent financial crisis has done permanent damage to the economy and that this is basically what counts as normal now, as opposed to 45 percent of Americans asked the same question in 2007, according to a poll conducted by Rutgers University. Further, 16 percent of survey respondents said things would be better for the next generation, a steep drop from 2009's 40 percent, which itself was a drop
The Marketing Accountability Standards Board (MASB), an organization that formed in 2004 to find ways to objectively tie marketing to financial performance, has called for including brands as an asset on the balance sheet, which current accounting rules, both in GAAP and IFRS, do not, according to the Economist. The Economist noted that while the Coca Cola brand is valued at $79.2 billion, the company rolls it into t
While much attention lately has been placed on corporate inversions, the New York Times notes that they are simply one more example of companies finding new and innovative ways to minimize their tax burden, something that has led to corporate tax revenue making up less and less of the country's overall budget every year.
For years, a business was not responsible for employment-related matters at another business unless it exerted direct control over that employee. All that might change as the National Labor Relations Board considers revising this 30-year-old standard, much to the chagrin of industries such as fast food and construction that make heavy use of contractor labor, according to the Wall Street Journal.
In the wake of the most recent financial crisis, many banks have been enticing customers to deposit their money through rewards points that can be exchanged for things like plane tickets, laptops, fancy sunglasses or fishing rods. While this bears similarity to frequent flyer miles, which are generally not taxed, a tax court has decided they're not similar enough when it recently decided that these points count as taxable income, said Forbes.