FASB Proposes Changes to Business Definition
FASB is proposing some clarifications to how a business is defined, to help companies following accounting rules related to acquisitions, disposals, goodwill, and consolidation. The board says stakeholders have reported that applying the current definition, as spelled out in U.S. Generally Accepted Accounting Principles, sweeps in transactions that don’t really ...
Related articles
-
Article
Is it a business or an asset? Companies get new guidance
Companies will have some new analysis to do to assure their accounting for business transactions reflects a new definition of “business” in GAAP. Tammy Whitehouse has more.
-
Article
Amid Financial Reporting Changes, SEC Offers Cautions
With changes looming on accounting standards for revenue recognition, leases, financial instruments, and more, skittish corporate accountants often turn to the SEC’s Division of Corporation Finance and staff accountants, relying on phone briefings and pre-clearing consultations to get ahead of financial reporting issues before they result in an SEC comment ...
-
PremiumU.K. financial regulator looks to streamline audit enforcement procedures
Auditors are supposed to keep businesses honest, but how much regulation is the optimum for the auditors – and how onerous and punitive should the enforcement regime be? A new consultation by the U.K. regulator, the Financial Reporting Council, opened on Oct. 1 and has put the vexed question of ...