FASB staff clarifying comments on new goodwill impairment alternative
(authored by RSM US LLP) The FASB staff recently made clarifying comments related to the new goodwill impairment triggering event alternative.
Christina Chifici Named as a MoneyMakers Honoree
Christina Chifici, CPA, CGMA, CIT, CCIFP, Audit and Assurance Services Director-in-Charge of LaPorte CPAs & Business Advisors, has been selected as one of the honorees
Guidance issued for employers claiming the Employee Retention Credit
(authored by RSM US LLP) Notice 2021-20 clarifies retroactive changes made to ERTC and PPP interaction and incorporates several previous frequently asked questions.
FASB clarifies scope of reference rate reform guidance
(authored by RSM US LLP) The FASB has clarified that certain ASC 848 expedients and exceptions apply to derivatives affected by the discounting transition.
Deferred tax asset valuation allowance
(authored by RSM US LLP) Our article discusses weighting evidence in discerning whether a valuation allowance should be recognized for deferred tax assets.
Proposed accounting for acquired revenue contracts with customers
(authored by RSM US LLP) A recent proposed ASU addresses the accounting for revenue contracts with customers acquired in a business combination.
IRS Introduces New Form 1099-NEC for 2020 Tax Year Reporting
Beginning in January of 2021, the IRS will require businesses to report non-employee compensation using a new Form 1099-NEC. Amounts formerly reported on Form 1099-MISC
Audit committee resource: Auditing estimates and use of specialists
(authored by RSM US LLP) A PCAOB resource provides information for audit committees about new requirements for auditing estimates and use of specialists.
2020 Effective Date Reminder
(authored by RSM US LLP) Our annual Effective Date Reminder lists pronouncements issued as of Nov. 1, 2020, which became effective on or after Jan. 1, 2020.
Borrower’s accounting for debt restructurings and modifications
(authored by RSM US LLP) A recent FASB Staff Educational Paper provides an overview of the accounting guidance for common debt modifications and exchanges.
Proposed updates to ASC 842
(authored by RSM US LLP) The FASB recently proposed amendments to address certain issues arising from the adoption of the leases standard.
Nonpublic entities’ disclosures about Level 3 fair value measurements
(authored by RSM US LLP) Our updated white paper discusses ASC 820 fair value measurement disclosures that were and were not affected by ASU 2018-13.