Mind the GAAP and its long-time client Wipfli LLP issued a joint comment letter on the FASB’s agenda consultation invitation to comment. The firms believe that the financial community could use a respite from major standard setting activities. Instead, for the foreseeable future, we recommend that the FASB focus the majority of its time and resources on addressing relatively narrow accounting matters where there is diversity in practice or limited applicable GAAP.
In 2022, companies – for the first time – will be required to disclose how much money they get in breaks, grants, and government incentives. But there “might be very little that ends up getting disclosed by the time this gets published,” said Scott Ehrlich, president of Mind the GAAP LLC. Find out why in this article from Bloomberg Tax.
On March 30, 2021, the FASB issued a narrow accounting alternative that enables private companies and not-for-profit organizations to potentially simplify the way in which they test goodwill for impairment. In this article, Thompson Reuters speaks with Scott Ehrlich, President of Mind the GAAP, to get his perspective on these new rules.
Mind the GAAP once again partnered with Wipfli LLP to issue a joint comment letter on the IFRS Discussion Paper, Business Combinations – Disclosures, Goodwill, and Impairment. The firms support many of the IASB’s specific proposals, but would recommend that IFRS (and U.S. GAAP) include a “hybrid model” that requires goodwill amortization commencing no later than five years from the date of acquisition, and ceasing no more than ten years thereafter.
Mind the GAAP provided feedback to the FASB on its proposal to introduce a principles-based framework in accounting for modifications of equity-classified warrants. Mind the GAAP supports the FASB proposals, but has asked the Board to strongly consider limiting the scope of any new standard and to make a few additional suggested improvements to the overall framework.