At the Oct 1, 2008, Financial Accounting Standards Board (FASB) meeting, the board modified the applicability of FASB Interpretation No.48 (FIN 48), Accounting for Uncertainty in Income Taxes, to pass-through entities (PTEs). FASB agreed to develop application guidance for PTEs and to provide a one-year deferral of FIN 48 for all private PTEs based on their federal income status. State and local taxation rules regarding PTEs vary widely and change often. Practitioners who work with PTEs need to stay vigilant concerning the many unique issues that arise in this area. Some of the more common issues that arise for these PTEs - partnerships, LLCs and S corporations operating in multiple states -- are discussed in this feature. Although state jurisdictions do struggle to determine apportionm...
...CHAPTER 99 - COST ACCOUNTING STANDARDS BOARD, OFFICE OF FEDERAL PROCUREMENT POL... an executive agency may waive the applicability of the Cost Accounting Standards for a contract or...
The Office of Federal Procurement Policy (OFPP), Cost Accounting Standards (CAS) Board (Board), has adopted, without change from the interim rule, a final rule revising the threshold for the application of CAS from ``$650,000'' to ``the Truth in Negotiations Act (TINA) threshold, as adjusted for inflation.'' The change is being made because the CAS applicability threshold is statutorily tied to TINA threshold. The TINA threshold for obtaining cost or pricing data was recently adjusted for inflation to $700,000 in the Federal Acquisition Regulation (FAR), as required by the Ronald W. Reagan National Defense Authorization Act for Fiscal Year 2005. Until the interim change for this final rule, the CAS applicability threshold was a stated dollar amount ($650,000) in the Code of Federal Regu...
The most recent version of GASB's Comprehensive Implementation Guide, updated through June 30, 2007, was just released in September. SGAS 49, Accounting and Financial Reporting for Pollution Remediation Obligations, directs that liabilities arising from pollution remediation obligations be presented net of anticipated, but as yet unrealizable, recoveries. The new Q&A clarifies that this requirement has no effect on the corresponding presentation in the statement of cash flows. SGAS 25, Financial Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution Plans, directs that each individual pension plan normally be accounted for separately. The same is true for other postemployment benefit (OPEB) plans reported in conformity with SGAS 43, Financial Repor...
... on the practical implementation of standards issued by the Governmental Accounting Standards Bo...[Question Z49.9]. Applicability of contingency disclosures. The Financial Accounti...
In September 2010, the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) completed the first phase of a project that will influence global standards setting for many years to come. Having a conceptual framework eliminates the need for a standards setter, such as the FASB or the IASB, to reestablish core concepts each time it develops or updates a standard. Additionally, by consistently referring to a stable conceptual framework, a standards setter is more likely to promulgate standards that are consistent with each other as well as with significant assumptions and constraints. The conceptual framework of US Generally Accepted Accounting Principles is documented in a series of Statements of Financial Accounting Concepts issued by the F...
...G. Applicability to the not-forprofit sector. H. Remaining issues. ...
If the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issue a standard on accounting for leases that sharply curtails the suitable applicability of operating leases, many companies will be required to convert their operating leases to capital leases. In March 2009, FASB and the IASB issued a joint discussion paper, Leases -- Preliminary Views, to address the problems inherent in lease accounting. Specifically, the discussion paper addresses the disparity in the treatment of lease contracts under US GAAP and International Financial Reporting Standards (IFRS). Under US GAAP and IFRS, lessees may try to avoid capitalizing leases in order to circumvent reporting leased assets and obligations on the balance sheet. A median percentage of th...
...Standards and Technology (NIST), National Oceanic and Atmosp...48 CFR Part 1330. Accounting, Government procurement, Reporting and recordkeepi...1301.103 Authority. 1301.104 Applicability. 1301.105 Issuance. 1301.105-1 Publication and cod...
...CHAPTER 99: COST ACCOUNTING STANDARDS BOARD, OFFICE OF FEDERAL PROCUREMENT POL...
... end of January 2010, the Governmental Accounting Standards Board (GASB) issued an exposure draft (E..., which offered guidance both on the applicability of existing private-sector standards (GAAP legacy)...
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