When someone uses the word “privacy” in a conversation, most listeners will have a basic understanding of what the word means and what the speaker is trying to say. At the same time, if you asked each listener to define the word, it’s unlikely that any two people would give you the exact same answer.
FASB Issues Updated Standard to Simplify Employee Share-Based Payment Accounting In response to concerns raised by both public and private company stakeholders about the complexities of accounting for employee share-based rewards, the FASB has issued an updated standard to help make the process easier to navigate.
In a recent ruling, the IRS said that the cost of unrecoverable precious metals (such as gold, silver or platinum) used in manufacturing processes is depreciable under Sections 167 and 168 of the Internal Revenue Code(IRC). However, that same revenue ruling noted that the capitalized cost of any recoverable precious metals is not depreciable under the same code sections.
In an effort to clarify a specific area of its new revenue recognition guidance, the Financial Accounting Standards Board (FASB) has issued Accounting Standards Update 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net).
In a reversal of a long-standing U.S. Tax Court position, a federal appeals court ruled that unmarried co-owners of a residence can now individually take home mortgage interest deductions.
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