The Financial Accounting Standards Board (FASB) met on November 14, 2018 to make some meaningful progress and decisions on Topic 832: Disclosures by Business Entities about Government Assistance. The Board’s tentative decisions are finally providing some light at the end of this tunnel.
The worldwide marketplace for economic development incentives facilitates over $300 billion in transactions every year. However, these are not just free giveaways to a company. In exchange for an incentive package, a business is expected to create value for that community.
The Financial Accounting Standards Board (FASB) met on March 14, 2018 for the first time in 20 months to discuss Topic 832: Disclosures by Business Entities about Government Assistance. Given that so much time has passed between now and the last formal meeting and the Board turnover, the Board decided to make this an educational session where no formal decisions would be made.
In conjunction with ACT – the Tax Technology Association, we recently hosted a webinar to discuss the new disclosure requirements under FASB Topic 832 and how to prepare from a technology standpoint. While many have forgotten about this ASU (accounting standards update) due to tax reform and other accounting standards affecting tax, it’s set to be finalized by June 30, 2018.
When it comes to blockchain technology, a majority of people understand it has something to do with Bitcoin (BTC) and that’s about it. While it’s true that the popular cryptocurrency relies on blockchain, BTC represents a relatively insignificant portion of the blockchain market share. The implications of blockchain adaptation are far-reaching, with the potential to not just disrupt, but foundationally change the way most industries operate.