by Mind the GAAP | Oct 21, 2020 | Other Topics
The firms support the Board’s decision to revisit and update the definitions of certain elements of financial statements to reflect recent changes in practices and standards. However, we do not back the removal of (a) the word “control” from the definition of an asset or (b) the concept of “the entity’s ongoing major or central operations” from the definition of revenues.
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by Mind the GAAP | Oct 21, 2020 | Leases
Thompson Reuters included thoughts from Scott Ehrlich, President of Mind the GAAP, in an article regarding a FASB proposal to amend ASC 842 (Leases) in three areas. Subsequently, the FASB has decided to issue a formal Accounting Standards Update on only one of the three proposals.
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by Mind the GAAP | Oct 16, 2020 | Leases
Thompson Reuters and Checkpoint recently published an article on the current accounting requirements for partial lease terminations. Scott Ehrlich, President of Mind the GAAP, was interviewed for the article.
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