Cherry Bekaert

SEPTEMBER 22, 2023

Contributors: Graham Michitsch, Senior Manager On September 6, 2023, the Financial Accounting Standards Board voted on cryptocurrency accounting and set in place a new rule that business must use fair-value accounting for certain crypto assets that meet the predefined criteria, such as bitcoin.

Account 105

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CPA Practice

MARCH 1, 2024

The Board of Trustees of the Financial Accounting Foundation (FAF) has appointed Lisa Washburn to the position of vice chair and has appointmented David Goldman and Deborah L. Miller, CPA, to the Governmental Accounting Standards Advisory Council (GASAC). All appointees’ terms begin March 1, 2024.

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CPA Practice

AUGUST 23, 2023

The Financial Accounting Standards Board (FASB) issued a new standard on Wednesday that addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. 1, 2025, and early adoption is permitted.

Account 52

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Withum

FEBRUARY 14, 2024

Before the 2023 calendar year ended, a new Accounting Standards Update (ASU) was issued by the Financial Standards Account Board (FASB) to update the requirements for income tax disclosures under US GAAP. annual periods beginning after December 15, 2025). annual periods beginning after December 15, 2025).

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Withum

SEPTEMBER 7, 2023

Auditors and Accountants will finally have clear guidance on the treatment of digital assets. The Financial Accounting Standards Board (“FASB”) approved an Accounting Standards Update (“ASU”) that was initially released by the FASB as a draft in March 2023 in relation to Digital Assets.

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Going Concern

DECEMBER 22, 2023

Talent The Race Is On to Hire Interns for 2025. PwC posted its summer 2025 internships for areas including tax and consulting in September, the earliest the firm has ever advertised internship positions, said Rod Adams, who leads hiring for the U.S. Have a happy, safe, and restful holiday. Love you, mean it. and Mexico. .

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CPA Practice

JANUARY 12, 2024

“Grant Thornton’s increased focus on sustainability is not only good for the planet, but it can lead to improved collaboration at our firm and greater opportunities for success with our clients.”  The report also explains that Grant Thornton has already reached two DE&I milestones it originally set for its 2025 fiscal year.

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Cherry Bekaert

OCTOBER 25, 2023

After a period of relative inactivity, standard setters have issued four new standards. The Financial Accounting Standards Board (FASB) has issued Accounting Standard Update (ASU) 2023-03 through ASU 2023-06.

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Withum

OCTOBER 11, 2023

The Act delays the IRC §174 R&E capitalization requirement until the taxable year starting after December 31, 2025. And even though the Act would only extend §174 immediate expensing through 2025, it gives companies a longer runway to plan accordingly. To learn more about the Build It In America Act, click here.

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Cherry Bekaert

MAY 3, 2024

through 2025 and as high as 16.406% thereafter. Tax Services Podcast: Accounting Standards Update 2023-09: New Income Tax Disclosure Rules Podcast: How to Protect Your Intellectual Property Abroad and Minimize Tax Liabilities The post How to Plan for Global Tax Minimization appeared first on Cherry Bekaert.

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Going Concern

MARCH 22, 2024

Day Named Technical Director of the Financial Accounting Standards Board [ FASB ] The Financial Accounting Standards Board (FASB) on March 20 announced the appointment of Jackson M. Movers and Shakers Jackson M. Day to the role of director of technical activities.

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Withum

FEBRUARY 1, 2023

Pass-Through Entity Level Tax The TCJA limited the deduction of state and local taxes for individual taxpayers to a flat $10,000 for tax years 2018 through 2025. NADA is optimistic that the bill will Pass.

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Cherry Bekaert

FEBRUARY 12, 2024

The Financial Accounting Standards Board (FASB) released final guidance regarding income tax disclosures on December 14, 2023. Accounting Standards Update No. For entities other than public business entities, the guidance is effective for annual periods beginning after December 15, 2025.

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Cherry Bekaert

FEBRUARY 8, 2023

Standard setters were relatively inactive this past year. The Financial Accounting Standards Board (FASB) issued only six new Accounting Standard Updates (ASUs) and the Government Accounting Standards Board (GASB) issued only three new GASB Statements in 2022.

Non-Profits 40

Non-Profits income tax Government Account 40

Cherry Bekaert

MAY 9, 2024

The Governmental Accounting Standards Board (GASB) has issued Statement No. Limitations on the incurrence of debt, such as a debt ceiling Mandated spending, such as newly imposed federal environmental standards requiring outlays to comply When Is GASB 102 Effective? Earlier application is encouraged.

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Cherry Bekaert

JANUARY 29, 2024

The Financial Accounting Standards Board (FASB) issued nine Accounting Standard Updates (ASUs), and the Government Accounting Standards Board (GASB) issued only one new GASB Statement in 2023. The latest issue of the Rundown features a summary of the new standards issued in the fourth quarter 2023.

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