FASB Changes Mind on Multiemployer Retirement Plan Disclosures

Construction Accounting Blog

The most significant change was FASB’s backing away from requiring companies to disclose the amount due from an employer to leave the MEP – its “withdrawal liability”. FASB members plan to discuss whether expected contribution amounts to be incurred during the next accounting period or quantifiable information about a company’s participation in each plan should also be disclosed. FASB hopes to complete the project by the end of the second quarter of 2011.

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Updating the Rules of Revenue Recognition

Construction Business Owner

After years of work, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have issued ASU 2014-09, the Revised Revenue Recognition Model.

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Trending Sources

FASB Votes to Create More Judgment Before Goodwill Impairment.

Recon Blog

5 Steps to Remain Successful & Compliant in 2017

Construction Business Owner

After years of work, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have issued ASU 2014-09, the Revised Revenue Recognition Model.

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Is My Rental Contract a “Lease”? Update on the FASB/IASB Exposure Draft on Leases

Construction Accounting Blog

Filed under: Accounting Standards Updates , Exposure Drafts Tagged: A/E/C , construction , Exposure Draft , FASB , IASB , Lease Accounting , Leases , Specified asset. Accounting Standards Updates Exposure Drafts A/E/C construction Exposure Draft FASB IASB Lease Accounting Leases Specified assetA/E/C firms enter into many contracts which allow them to use a physical asset in their operations.

Stronger Reporting Requirements for Multiemployer Pension Plans

Construction Accounting Blog

In response to these concerns, new FASB guidance will soon require that employers provide more information about these plans, including the nature of their involvement in the plans and the plans’ financial health. Filed under: Accounting Standards Updates Tagged: FASB , Financial Accounting Standards , multiemployer pension plans , Reporting Requirements for Multiemployer Pension Plans , Updates in Construction Accounting.

Why Your Construction Company Needs Bookkeeping

Contractor Bookkeeping

Since 1973, the Financial Accounting Standards Board (FASB) has been the designated organization in the private sector for establishing standards of financial accounting that govern the preparation of financial reports by nongovernmental entities.

Employee Tax Audits

Recon Blog

Related Stories FASB Releases Simplified Guidance for Indefinite-Lived Intangible Asset Testing Reporting Rules for Organizational Actions Affecting Security Basis GASB’s New Pension Standards: Setting the Record Straight. The IRS National Research Program’s Employment Tax Audits. It is not uncommon for state and local governments to issue numerous 1099s to employees for work outside of their normal position.

The Potential Impact of Proposed Lease Accounting Rules on Creditor Financial Statements

Recon Blog

The Financial Accounting Standards Board (“FASB”) is in the process of deliberating significant changes to the accounting rules regarding leases. Related Stories FASB Releases Simplified Guidance for Indefinite-Lived Intangible Asset Testing FDIC-Insured Institutions Earned $37.6 If approved, this new lease accounting guidance would require U.S. companies to record in their balance sheets as much as $2 trillion in additional debt by some estimates.