The accounting for NCI has long been a contentious topic among practitioners. Prior to 2009, the official guidance that entities used to account for NCI was SFAS No. 141, Business Combinations. However, this guidance was very vague. To improve on this guidance, the FASB issued SFAS No. 141(R), Business Combinations and SFAS No. 160, Noncontrolling Interests in Consolidated Financial Statements...
The accounting for property, plant, and equipment (PPE) varies worldwide. The two most popular methods to account for PPE are the cost model and the revaluation model. United States Generally Accepted Accounting Principles (GAAP) requires companies to use the cost model. Meanwhile, International Financial Reporting Standards (IFRS) gives companies the option to choose between the cost model and the revaluation model...
Accounting for goodwill after a business acquisition could be changing soon as the Financial Accounting Standards Board (FASB) deliberates the current public company model. There are concerns among public companies that the benefits of accounting for goodwill do not justify the costs to prepare the information. As of July 15, 2020, the board is discussing different ways to account for goodwill with no set target date for an exposure draft...
As the end of 2020 approaches, individual taxpayers should be aware of two tax saving provisions within the CARES (Coronavirus Aid, Relief, and Economic Security) Act that was passed earlier in March...
