Mind the GAAP and Wipfli Suggest FASB Areas of Focus

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.

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Private Companies, Nonprofits Get New Accounting Rules to Ease Goodwill Triggering Event Assessment

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.

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