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Standards Update 5/20/20

Posted 12:15 PM by
The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP).
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Governmental Accounting Standards Update: 5/12/20

Posted 3:00 PM by
The Governmental Accounting Standards Board (GASB) regularly issues GASB statements to set accounting and financial reporting standards for state and local governments that follow generally accepted accounting principles in the United States (U.S. GAAP).
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FASB Proposes Delay in Effective Dates for Leases and Revenue Recognition Standards for Certain Entities

Posted 7:11 PM by
The Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (Exposure Draft) that includes an optional one-year delay in the effective date for certain entities in applying the new lease and revenue recognition standards. The FASB provided the Exposure Draft in response to challenges associated with the implementation of major accounting standards, which have been amplified by disruptions caused by the COVID-19 pandemic.
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Ben Phillips Joins KSM as Director in SOC Services Group

Posted 8:30 PM by
Katz, Sapper & Miller is pleased to announce Ben Phillips has joined the firm as the newest director in its SOC Services Group.
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Proposed Accounting Standards Update - In-Kind Contribution Reporting

Posted 1:45 PM by
The Financial Accounting Standards Board (FASB) has issued the Proposed Accounting Standards Update Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets (Exposure Draft), which would impact the presentation and disclosure of contributed nonfinancial assets, also known as gifts-in-kind (in-kind donations), if the proposed changes are finalized.
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Indiana Attorney General Launches Unclaimed Property Self-Audit Program

Posted 8:00 PM by
Like all states, Indiana requires companies holding unclaimed property to report that property on an annual basis. Unclaimed property includes outstanding liabilities on a company’s books and records, such as uncashed payroll checks and customer credits.
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LIBOR’s Demise Means Changes Are Coming

Posted 1:00 PM by
The London Interbank Offered Rate (LIBOR) is a staple of the financial industry. LIBOR is a calculated average rate that participating banks estimate they would be charged by other banks. As brought to light in a significant rate-rigging scandal from a few years ago, British regulators who oversee the rate calculation have determined that there are not enough actual transactions to support the estimates made by the banks, and so the estimates will no longer be required after 2021. This spells the end of LIBOR.
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Standards Update: 12/17/19

Posted 7:40 PM by
The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP). Below are select ASUs that were recently issued.
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Accounting Update for Not-for-Profit Entities: Leases

Posted 3:00 PM by
In February 2016, the Financial Accounting Standards Board (FASB) issued one of the most sweeping changes to generally accepted accounting principles in the United States (GAAP) – Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). The new lease accounting standards and subsequent amendments require lessees to report all leases with a term greater than 12 months, including operating leases, on the statement of financial position.
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FASB Formally Delays Effective Dates for Major Accounting Standards

Posted 2:48 PM by
The Financial Accounting Standards Board (FASB) has officially deferred the effective dates of new Accounting Standards Updates (ASUs) related to credit losses, leases, hedging, and long-duration insurance contracts with the issuance of ASU No. 2019-09, Financial Services—Insurance (Topic 944): Effective Date and ASU No. 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates.
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