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The Trusted Professional | NYSSCPA

 
 

Accounting

  • FASB Releases Update on Tax Credit Investments

    By:
    S.J. Steinhardt
    |
    Mar 30, 2023
    The Financial Accounting Standards Board (FASB) released an accounting standards update to allow reporting entities to consistently account for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits.

  • FASB Proposes Accounting Standard for Crypto Assets

    By:
    S.J. Steinhardt
    |
    Mar 24, 2023

    The Financial Accounting Standards Board (FASB) has proposed a standards update on the accounting for, and disclosing information on, crypto assets.

  • Inflation Causing Some Companies to Shift Away from Last-in, First-out Accounting

    By:
    S.J. Steinhardt
    |
    Mar 23, 2023
    Squeezed by inflationary pressure on their earnings, companies are moving away from “last-in, first-out” (LIFO) accounting, and toward “first-in, first-out” (FIFO) accounting for their inventory.

  • Bank Collapse Prompts Another Look at Fair-Value Accounting for Securities

    By:
    S.J. Steinhardt
    |
    Mar 21, 2023
    The collapse of Silicon Valley Bank has prompted members of the banking and investment communities to reconsider accounting rules first considered after the 2008-09 financial crisis but subsequently abandoned after industry objections.

  • IASB Moves Up Timeline for Supply Chain Finance Disclosure Rule

    By:
    S.J. Steinhardt
    |
    Mar 10, 2023
    The International Accounting Standards Board (IASB) has advanced by a year the effective date of amendments to its standard on an entity’s supplier finance arrangements, which will add disclosure requirements.

  • SEC Asks Some Companies to Explain Calculation of Non-GAAP Measures

    By:
    S.J. Steinhardt
    |
    Feb 28, 2023
    The Securities and Exchange Commission (SEC), in a series of recent letters, has asked some companies to explain performance metrics that go beyond generally accepted accounting principles (GAAP), and it is likely to approach more companies with similar questions.

  • FAF to Enhance Online Access to FASB and GASB Standards

    By:
    S.J. Steinhardt
    |
    Jan 31, 2023
    The Financial Accounting Foundation (FAF) announced that will provide free, enhanced online access to the complete and official version of the Generally Accepted Accounting Standards (GAAP) published by the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).
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