- The FASB updated U.S. GAAP to determine when a contribution to a not-for-profit organization should be accounted for as a contribution or an exchange and also decide when a contribution has conditions attached to it. The FASB says the accounting changes will resolve inconsistent reporting practices for cash payments and asset donations to not-for-profit groups by the recipients and the businesses, government bodies and not-for-profit groups that made them.
- In this article, we evaluate the issue of the assumed damage period.
- The FASB plans to discuss its proposed amendments for its consolidated reporting standard at its upcoming meeting. The accounting board also plans to consider a recent decision from its Emerging Issue Task Force to finalize guidance for the costs of setting up a cloud computing contract.
- Overturning a 1992 ruling, the Supreme Court clears the way for states to collect sales tax from out-of-state sellers.
- The FASB expanded the scope of its stock compensation guidance to include share-based payments to nonemployees for goods and services. The amendment to U.S. GAAP eliminates the guidance that called for businesses that give stock awards to independent contractors to follow a separate standard form the one used for employee stock compensation.
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