Topics Trending NOW!
- Graham & Graham, PC featured in Vermont Business Magazine, December 2014
2014 Tax 'Extenders' List )
- Approved package of tax breaks
Deadlines for Filing 2014.pdf
- Compilation of Various Deadlines for Filing Returns with the IRS and Making Various Payments
Late Filing Penalties 2014.pdf
- Avoid Penalties & Interest for the 2014 Tax Season
Business Valuation- Finding Business Worth.pdf
- Business Valuations: the Three Approaches to Measuring Business Worth
*The History of the Daubert Case.pdf The Daubert Challenge (read about the 1993 US Supreme Court case, Daubert vs. Merrell-Dow Pharmaceuticals, Inc.)
Special Report on DOMA Ruling.pdf
- See how the Supreme Court's ruling can affect your business - Health Care Coverage - Tax Changes - Pension Plans
Financial Statement Fraud Prevention.pdf
- Prevent Fraud with Strong internal Accounting Controls.
Red Flags to Accounts Payable Fraud.pdf
- Small to mid-sized companies could be at risk.
FASB Leases Topic 842 Exposure Draft.pdf
- All leases of personal and real property with terms longer than 12 months and no right to renew would be capitalized, i.e., brought onto the balance sheet of the lessee.
- The new leasing proposal allows an election to use the existing operating lease method (off-balance-sheet to lessees) for lease transactions of 12 months or less.
- The current distinction between operating leases and capital leases would be replaced by a new so-called asset/liabilities approach in which the right to use a specified asset (the asset that is capitalized) is conveyed, for a period of time, in exchange for the obligation to pay rent (the liability that is capitalized).
- The proposal introduces a new, dual expense recognition and balance sheet presentation approach in which there are two types of leases for lessees, based on “consumption" of the value of the underlying asset being leased.
- Under this new classification, lessees would report a straight-line lease expense in their income statement for leases that do not consume a more than insignificant portion of the asset (aka Type B leases). This would include most real estate leases. Lessors of Type B leases would use the operating lease method of accounting.
- For leases (aka Type A leases) that are deemed to consume more than an insignificant portion of the asset -- such as trucks, tractors, planes, and so on -- the lease expense would be front-loaded, similar to interest in a mortgage or capital lease accounting. This would include most equipment leases. Lessors of Type A leases would use the Receivable and Residual method of accounting that is very similar to direct finance lease accounting under current GAAP.
- Leveraged lease accounting in the U.S. would be eliminated under the proposed rule.
- The comment period deadline for the proposed Exposure Draft is Sept. 13, 2013. The boards will then review all comments and re-deliberate if necessary.
- The boards hope to finalize the rule in 2014, with an effective date of 2017 when lessors and lessees have to transition to the new rule.