February 27, 2017/Accounting and Auditing, Tax
Should You Challenge Your Property Tax Value?
2017 is a big valuation year for property taxes in North Carolina, with several Triad counties up for revaluation. There is a window of opportunity for businesses that own real property in the counties mentioned below to appeal their 2017 value and realize potentially significant savings. The optimum time to appeal is within thirty days of receiving your 2017 valuation.
March 28, 2016/Accounting and Auditing
FASB ISSUES ASU ON LEASES
On February 25, 2016, the FASB issued its highly-anticipated leasing standard1 for both lessees and lessors. Under its core principle, a lessee will recognize lease assets and liabilities on the balance sheet for all arrangements with terms longer than 12 months. Lessor accounting remains largely consistent with existing U.S. GAAP. The new standard takes effect in 2019 for public business entities and 2020 for all other entities.
February 28, 2016/Accounting and Auditing
Quarterly Insights
On December 18, 2015, President Obama signed the Protecting Americans from Tax Hikes (“PATH”) Act of 2015, which includes a provision making permanent the Research & Development (“R&D”) tax credit under Section 41. This is a very significant development, as the R&D credit generally has required annual legislative renewal. A permanent R&D credit will provide businesses and investors the stability needed to enhance long term planning and decision making.
August 28, 2015/Accounting and Auditing
New Revenue Standard Date Deferred
The FASB recently issued ASU 2015-14 to defer the effective date of its new revenue recognition standard by one year. As such, it now takes effect for public entities in fiscal years beginning after December 15, 2017. All other entities have an additional year. However, early adoption is permitted for any entity that chooses to adopt the new standard as of the original effective date.
June 28, 2015/Accounting and Auditing
2015 Significant Accounting and Reporting Matters
The amendments in this Update represent changes to clarify the FASB Accounting Standards Codification (ASC), correct unintended application of guidance, or make minor improvements to the ASC that are not expected o have a significant effect on current accounting practice or create a significant administrative cost to most entities.
January 28, 2015/Accounting and Auditing
FASB 2014 Year in Review
During 2014 the Financial Accounting Standards Board (FASB) made progress on several major, long-term projects, while also issuing guidance to resolve known practice issues. The most notable achievement during the year was the issuance of a substantially converged revenue recognition standard by the FASB and the International Accounting Standards Board (IASB) that is scheduled to take effect in 2017. The Boards continued to work together on the joint leasing project, but took different directions on classification & measurement and impairment of financial instruments. The FASB plans to complete those projects in 2015.
June 28, 2014/Accounting and Auditing
FAQ: Revenue Recognition Standard
In May 28, 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. It takes effect in 2017 and establishes a comprehensive revenue recognition standard for virtually all industries in U.S. GAAP, including those that previously followed industry-specific guidance such as the real estate, construction and software industries.
