Mind the GAAP and Wipfli recently responded to the FASB’s proposals on simplifying the accounting for debt and equity financings. The firms generally supported the FASB’s recommendations, but requested that the FASB reconsider one of its proposals and to expand the scope of the project to address stock-settled debt.
In a recent article by the Thompson Reuters news agency, Scott Ehrlich, President of Mind the GAAP, shared his views on the current accounting requirements for share buy-backs. Read the article.
Mind the GAAP and Wipfli recently wrote a short letter to the FASB highlighting a potential disclosure quirk affecting private companies adopting ASC 842, Leases, on a cumulative-effect basis. The firms have asked the FASB to issue a narrow scope amendment to address the issue.
Discussions at a recent IFRS Interpretations Committee highlight that international and U.S. practitioners may be interpreting new U.S. GAAP and IFRS leasing guidelines differently.
Mind the GAAP joined five other professional services firms in requesting that the FASB promulgate guidance on the accounting for warrant modifications – a transaction that has significantly increased in frequency over the past few years.