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Entries by Jason Patch

Joint FASB and IASB Statement of Convergence Update

Posted 8:20 PM by
In November 2009, the Financial Accounting Standards Board and the International Accounting Standards Board reaffirmed their commitment to improving U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS) through convergence. The convergence could have a significant impact on the manufacturing and distribution industries.
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Update on LIFO Legislative Outlook

Posted 11:40 AM by
The LIFO Coalition recently provided an update on the legislative outlook as it relates to the continued existence of LIFO. In periods of rising costs, LIFO is a more accurate method of measuring financial performance and provides for a more favorable tax position. The tax benefits of LIFO have put its continued existence in question.
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Major Changes in Lease Accounting on the Horizon

Posted 11:46 AM by
Lease transactions are widely used as a financing tool in the manufacturing and distribution industries. In March 2009, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued a discussion paper regarding leases as part of the continued convergence project.
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