Mind the GAAP and Wipfli have responded to the FASB’s proposal to introduce a revenue recognition practical expedient for nonpublic franchisors. While we generally favor efforts to simplify existing accounting guidelines, we do not support moving forward with this specific project.
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.
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.
In a recent article by the Thompson Reuters news agency, Scott Ehrlich, President of Mind the GAAP, shared his thoughts on whether the relief provided to depository institutions in the CARES Act may be extended to other organizations.
Scott Ehrlich, President of Mind the GAAP, was quoted in an article by the Thompson Reuters news agency. Mr. Ehrlich provided his views on the likelihood and timing of goodwill impairment losses resulting from the COVID-19 pandemic.