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.
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.
We are generally supportive of the Proposed ASU. Each reporting entity is unique and should be allowed to exercise discretion in determining which disclosures are most meaningful and relevant for the primary users of its financial statements…
At its November 2015 meeting, the FASB’s Emerging Issues Task Force (EITF) reached tentative conclusions on eight of the nine issues relating to the classification of certain cash receipts and payments on the statement of cash flows…
In 2014, the FASB commenced a project to reduce cost and complexity in financial reporting. The goal was to make targeted simplifications to certain accounting rules…