The firms support the Board’s decision to revisit and update the definitions of certain elements of financial statements to reflect recent changes in practices and standards. However, we do not back the removal of (a) the word “control” from the definition of an asset or (b) the concept of “the entity’s ongoing major or central operations” from the definition of revenues.
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.
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.
Scott Ehrlich from Mind the GAAP shares his views on how the new revenue guidelines in ASC 606 can affect executive compensation programs.
Earlier this year, the Securities and Exchange Commission (SEC) released final rules to facilitate access to capital by smaller companies. The rules actually expanded an existing set of SEC guidelines known as Regulation A…
A few weeks ago, all five commissioners from the Securities and Exchange Commission (SEC) presented at the 44th annual SEC Speaks conference.
Here are highlights from each Commissioner’s prepared remarks…