Searching Content indexed under Accounting Standards by Grant Thornton LLP ordered by Published Date Descending.
Links to Result pages
1 2 3 4  
Taxpayer Ineligible To Use The Completed Contract Method, Court Rules
In Basic Engineering v. Commissioner, T.C Memo 2017-26 (Feb. 1, 2017), the Tax Court ruled that an engineering company was ineligible to use the completed contract method and was liable for an accuracy-related penalty.
United States
21 Apr 2017
IRS Previews Proposed Automatic Method Change Procedures For Revenue
The IRS is requesting comments on a proposed revenue procedure, which, if finalized, would provide automatic consent to certain tax accounting method changes for revenue...
United States
20 Apr 2017
IRS Advice Confirms Taxpayers Have Broad Discretion In Grouping Decisions
The IRS ruled that a doctor could treat his medical practice and ownership interest in an outpatient surgery center as separate activities for the passive activity rules under Section 469.
United States
5 Sep 2016
Taxpayer Cannot Avoid Section 457A Deadline By Changing Method Of Accounting
The IRS concluded that a service provider cannot avoid the Dec. 31, 2017, transition relief deadline for including deferred compensation in income under Section 457A by changing its method of accounting.
United States
5 Sep 2016
FASB Proposes Improvements To Income Tax Disclosures
Multinational companies should evaluate how these proposals will affect their financial statements and evaluate their preparedness if the proposal become required.
United States
24 Aug 2016
Due Diligence Can Avert Issues With Retirement Plans
Employers who run retirement plans should periodically do system-wide due diligence to make corrections. Errors happen, from simple clerical mistakes to systematic failures in the record-keeping system.
United States
8 Aug 2016
IRS Updates List Of Automatic Method Changes
The IRS issued a revenue procedure on May 5 that replaces Rev. Proc. 2015-14 and provides a new comprehensive list of automatic method changes that may be made under procedures for changes in method of accounting in Rev. Proc. 2015-13.
United States
16 May 2016
Simplifying The Adoption Of PCC Alternatives - ASU 2016-03 Eliminates Effective Dates And Indefinitely Extends Transition Guidance For Adoption Of PCC Alternatives
ASU 2016-03, Effective Date and Transition Guidance Ė a consensus of the Private Company Council, amends all existing Private Company Council (PCC) alternatives...
United States
4 Apr 2016
New Developments Summary - Accounting For Financial Instruments
The guidance in ASU 2016-01 is effective for "public business entities," as defined, for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years.
United States
31 Mar 2016
FASB Issues New Lease Accounting Standard
On February 25, the FASB released ASU 2016-02, Leases, completing its project to overhaul lease accounting. The ASU codifies ASC 842, Leases, which will replace the guidance in ASC 840.
United States
15 Mar 2016
Improving Presentation And Disclosure For Defined Benefit Plan Sponsors
The FASB recently issued a proposed ASU, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost...
United States
10 Feb 2016
Highlights Of The 2015 AICPA Conference On Current SEC And PCAOB Developments
The 2015 AICPA Conference on Current SEC and PCAOB Developments, held in Washington, D.C., December 9Ė11, featured representatives from the SEC, PCAOB, FASB, IASB, and AICPA...
United States
10 Feb 2016
IRS Releases Newly Revised Form 3115 And Instructions
The IRS recently released a new version of the Form 3115, "Application for Change in Accounting Method," along with 23 pages of instructions.
United States
9 Feb 2016
FASB Considers Proposal On Required Financial Statement Disclosure Of Government Assistance
Currently, U.S. generally accepted accounting principles (GAAP) do not have explicit requirements for government assistance disclosure.
United States
13 Oct 2015
IRS Issues Update To Accounting Method Change Procedures
The IRS on June 1 released guidance that modifies general procedures for changing a method of accounting.
United States
8 Jun 2015
New Revenue Recognition Guidance May Affect Software Company Valuations
Software companies are facing a transition to comply with the major accounting changes contained in the new revenue recognition guidance, Accounting Standards Update (ASU) 2014-09.
United States
2 Mar 2015
IRS Issues New, Revised Procedures For Filing Accounting Method Changes
The IRS recently released two Revenue Procedures that provide a comprehensive update to the procedures for filing both automatic and non-automatic accounting method changes.
United States
3 Feb 2015
IRS Memo Says S Corporationís Accumulated Adjustment Account Begins At Zero
The IRS concluded that an S corporationís accumulated adjustment account (AAA) was zero on the first day of its effective S corporation election.
United States
17 Dec 2014
Moving Companyís Payments To Compensate For Damage Donít Qualify For Recurring Item Exception
The IRS concluded that a taxpayer, a professional moving company, couldnít use the recurring item exception to economic performance for its payments to customers.
United States
29 Oct 2014
IRS Permits Rematching Of Replacement Properties Under Section 1031
Other eligible replacement properties that were identified and acquired in a timely way, but not reported as matched, qualified as replacement properties.
United States
10 Oct 2014
Links to Result pages
1 2 3 4