The FASB is exploring adding specific guidance on accounting for government grants into US GAAP, leveraging IAS 20. While IAS 20 has “stood the test of time”, Mind the GAAP and Wipfli believe that there may be some unintended consequences if it were to be fully incorporated into GAAP, especially for not-for-profits and any entity that receives below-market interest rate loans from a government agency.
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Recent Posts
Mind the GAAP and Wipfli Issue Joint Comment Letter on Accounting for Government Assistance
What is the Conceptual Framework and Why Should I Care?
Unintended Financial Reporting Consequences from Russia’s Invasion of Ukraine
Mind the GAAP and Wipfli Suggest FASB Areas of Focus
Companies to Disclose Limited Details on Government Assistance
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