News & Insights
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.
The CECL model in ASC 326 was designed to prevent bank failures like Silicon Valley Bank. So what happened? The Thompson Reuters news service interviewed Scott Ehrlich of Mind the GAAP to get his perspectives on the collapse.
The FASB has proposed to address longstanding questions in applying ASC 842 to leases between entities under common control. Mind the GAAP and Wipfli, LLP wrote a letter to the FASB expressing our concerns with the proposal.
In this article published by Thompson Reuters, Scott Ehrlich of Mind the GAAP shares his thoughts on the new FASB standard that requires disclosures around a company’s use of supplier finance programs.
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.
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.
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 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.
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.
On March 30, 2021, the FASB issued a narrow accounting alternative that enables private companies and not-for-profit organizations to potentially simplify the way in which they test goodwill for impairment. In this article, Thompson Reuters speaks with Scott Ehrlich, President of Mind the GAAP, to get his perspective on these new rules.