News & Insights
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.
FASB Proposes to Revise Lease Accounting Rules in Three Areas
Thompson Reuters included thoughts from Scott Ehrlich, President of Mind the GAAP, in an article regarding a FASB proposal to amend ASC 842 (Leases) in three areas. Subsequently, the FASB has decided to issue a formal Accounting Standards Update on only one of the three proposals.
FASB Mum on Rulemaking about CARES Act Deferral for Credit Loss Accounting Rules
In a recent article by the Thompson Reuters news agency, Scott Ehrlich, President of Mind the GAAP, shared his thoughts on whether the relief provided to depository institutions in the CARES Act may be extended to other organizations.
Companies’ Goodwill Impairments Expected to Substantially Spike this Year
Mind the GAAP issues joint comment letter on the FASB’s Debt/Equity Simplification Proposals
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.
Spike in Corporate Stock Buybacks Raises Speculation about Adequacy of Accounting Rules
In a recent article by the Thompson Reuters news agency, Scott Ehrlich, President of Mind the GAAP, shared his views on the current accounting requirements for share buy-backs. Read the article.
A Strange Disclosure Quirk for Private Companies Adopting ASC 842
Mind the GAAP and Wipfli recently wrote a short letter to the FASB highlighting a potential disclosure quirk affecting private companies adopting ASC 842, Leases, on a cumulative-effect basis. The firms have asked the FASB to issue a narrow scope amendment to address the issue.
Subsurface Rights – ASC 842 and IFRS 16 Convergence Gone Amuck
Discussions at a recent IFRS Interpretations Committee highlight that international and U.S. practitioners may be interpreting new U.S. GAAP and IFRS leasing guidelines differently.
Agenda request to address the accounting for warrant modifications
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.
Mind the GAAP Comments on the FASB’s Proposals On Cloud Computing Implementation Costs
An increasing number of software providers are requiring their customers to purchase cloud-based access to the exact same software that was once offered through traditional licenses. U.S. GAAP provides guidance on how companies that license software should account for the costs of acquiring and implementing that software. But similar guidance doesn’t exist on how to account for costs associated with implementing a cloud-based arrangement. The FASB has attempted to fix this omission, and Mind the GAAP has provided feedback in a comment letter.
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