2014 First Quarter A&A Update
This First Quarter A&A Update includes the latest pronouncements from the FASB, PCC, AICPA, SEC and PCAOB that are currently affecting public and private entities. Read More.
The FASB Issues Private Company VIE Accounting Alternative
On March 20, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-07, Consolidation (Topic 810): Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements, providing private companies with an accounting alternative for lessor entities under common control. The ASU is the third consensus of the Private Company Council (PCC) endorsed by the FASB and represents another significant step forward in reducing cost and complexity to private companies within U.S. GAAP, while still providing users with decision-useful information. Read More.
The FASB Issues Two Private Company Accounting Alternatives
On January 16, 2014, the Financial Accounting Standards Board (FASB) issued two Accounting Standards Updates (ASU), providing private companies with accounting alternatives for goodwill and simplified hedge accounting for certain qualifying interest rate swaps. They are the first standards proposed by the Private Company Council (PCC) which have been issued as U.S. GAAP by the FASB and, as such, represent a significant step forward in providing relief to private companies within U.S. GAAP, while still providing users with decision-useful information. Read More.
Final Repair Regulations
The IRS has released much-anticipated final “repair” regulations (T.D.9636) governing when taxpayers must capitalize and when they can deduct their expenses for acquiring, maintaining, repairing and replacing tangible property. The final regulations make significant taxpayer-friendly changes to the 2011 temporary regulations. Read More.
DIXON HUGHES GOODMAN DONATES MORE THAN 1.5 MILLION POUNDS OF FOOD IN THE FIGHT AGAINST HUNGER
As part of the firm's GIVES Initiative, the firm's 29 offices held a Count the Cans food drive focused on collecting monetary and non-perishable food donations in an effort to alleviate the suffering of nearly 49 million people who struggle to get enough to eat. As a result of our 11-day drive the firm donated 1,610,617 pounds of food to the communities in which it serves in 11 states across the firm's footprint. Read More.
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