Research Needed on Segment Reporting Issues Before Improvement Project Can Achieve Results

The FASB is at the early stages of a long-term project to improve how businesses report their operating segments. Before the effort begins in earnest, the accounting board wants to research whether it makes sense to change the order of the process for determining reportable segments.The FASB on June 13, 2018, began its effort to improve how businesses report their operating segments, an area of accounting that long has frustrated investors and is a frequent source of inquiries to SEC officials. … Read More

IRS again pushes back effective date of foreign currency regs

In a Notice, IRS has announced that it intends to amend regs issued under Code Sec. 987, on income and currency gain or loss with respect to a Code Sec. 987 qualified business unit (QBU), to defer the effective date of the final regs as well as certain provisions of the temporary regs, which it had previously deferred for one year, for one additional year. IRS is reviewing these regs pursuant to an executive order aimed at minimizing tax regulatory burdens. … Read More

EITF Approves Clarification of Business Combinations Guidance

The FASB's Emerging Issues Task Force (EITF) agreed that the accounting board needs to clear up an area of its business combinations guidance that has raised questions in the wake of the 2014 publication of the landmark revenue recognition standard. The task force forwarded to the FASB a recommendation to propose amending its business combinations guidance to require a business buying another business to recognize a liability when the customer contracts held by the selling company include performance obligations. … Read More