US GAAP currently does not include guidance for recognizing or measuring government grants, a ‘gap in GAAP’ that was magnified during the pandemic. In this article, Bloomberg asks Scott Ehrlich about the benefits and costs of incorporating longstanding IFRS guidance on government grants into the Codification.
The CECL model in ASC 326 was designed to prevent bank failures like Silicon Valley Bank. So what happened? The Thompson Reuters news service interviewed Scott Ehrlich of Mind the GAAP to get his perspectives on the collapse.
The FASB has proposed to address longstanding questions in applying ASC 842 to leases between entities under common control. Mind the GAAP and Wipfli, LLP wrote a letter to the FASB expressing our concerns with the proposal.
In this article published by Thompson Reuters, Scott Ehrlich of Mind the GAAP shares his thoughts on the new FASB standard that requires disclosures around a company’s use of supplier finance programs.
The FASB is exploring adding specific guidance on accounting for government grants into US GAAP, leveraging IAS 20. While IAS 20 has “stood the test of time”, Mind the GAAP and Wipfli believe that there may be some unintended consequences if it were to be fully incorporated into GAAP, especially for not-for-profits and any entity that receives below-market interest rate loans from a government agency.