What is the Conceptual Framework and Why Should I Care?
In this article by Thompson Reuters, Scott Ehrlich shares his perspectives on the Conceptual Framework, including differences between how the IASB and FASB utilize their respective guidelines.
Unintended Financial Reporting Consequences from Russia’s Invasion of Ukraine
The Bloomberg news organization interviewed Mind the GAAP’s Scott Ehrlich and others to learn about some of the financial reporting implications from Russia’s invasion of Ukraine.
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.
Companies to Disclose Limited Details on Government Assistance
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.
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.