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FASB Issues Update for Discontinued Operations
On April 10, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of...
Why Should I Segregate Pre-Opening Costs?
There are a variety of costs related to opening a new location. Some expenses, such as new kitchen equipment, will be capitalized and depreciated over time. Other expenses, such as store opening team labor costs, will be expensed as incurred. The costs immediately...
Interest and Wages During Construction – Capitalize!
There are a variety of costs related to constructing a new location. Some expenses will hit the profit and loss (P&L) as incurred and others will be capitalized and depreciated over time. If your company is planning to open a new location, it is important to note...
Complexity Still an Issue for Income Tax Accounting Standard
The Financial Accounting Standards Board (FASB) said on December 3 it will continue to analyze the Financial Accounting Foundation (FAF) post-implementation review (PIR) of FASB Statement No. 109, Accounting for Income Taxes. The FAF had concluded that, while...
Intermediate Sanctions and the Risks of Nonprofit Executive Compensation: What You Need to Know
If you’re a highly-compensated executive at a nonprofit and in a position to influence how much you earn, you may be at risk. Nonprofit executives who are paid what might be considered excess benefits in their compensation packages could be subject to a substantial...
FAF Releases Updated Print Edition of FASB Accounting Standards Codification
By Frank Byrt On March 11, the Financial Accounting Foundation (FAF) released its latest version of the print edition of the Financial Accounting Standard Board's (FASB) Accounting Standards Codification. The publication and its online version represent "the single,...