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.
Mind the GAAP and Wipfli Comment on Proposed Changes to the Definitions of Assets and Revenue
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.
How the New Revenue Rules Impact Incentive Compensation Arrangements
Scott Ehrlich from Mind the GAAP shares his views on how the new revenue guidelines in ASC 606 can affect executive compensation programs.
Considerations for Companies and Auditors from Reg A+ Offerings
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…