by Scott Nelson | Jun 11, 2016 | compliance, FASB Topic 832, government incentives
The Financial Accounting Standards Board (FASB) convened on May 4, 2016 for the first time after the Exposure Draft Comment Period closed on Topic 832 to discuss feedback from staff on the comment letters and other input from various outreach performed by the staff. Overall most stakeholders are supportive of the FASB’s efforts to increase transparency in government incentives & address the diversity in practice that exists today in accounting for government assistance.
by Scott Nelson | Mar 26, 2016 | accounting, government incentives
The objective of FASB Topic 832 is to develop disclosure requirements about government assistance, also known as tax credits & incentives – this Infographic depicts a timeline of where this project originated as well as its projected completion date.
by Scott Nelson | Mar 5, 2016 | government incentives, tax incentives
According to Wikipedia, the source that popularized this pictorial maxim is a 17th-century carving over a door of the famous Tōshō-gū shrine in Nikkō, Japan. The three wise monkeys symbolize the proverbial principle “see no evil, hear no evil, speak no evil”. There are many meanings associated with this proverb and it’s often used to describe someone turning a blind eye.
by Scott Nelson | Feb 15, 2016 | government incentives, tax incentives
The Financial Accounting Standards Board (FASB) has been deliberating its project for a proposed Accounting Standards Update (ASU), Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance since January 29, 2014. BIGcontrols, submitted a comment letter on the FASB’s Exposure Draft for Topic 832 on the February 10, 2016 deadline.
by Scott Nelson | Nov 15, 2015 | tax incentives
Part 3 of a 3-Part Series
I just returned from the Credits & Incentives Symposium, hosted by IPT (Institute for Professionals in Taxation). One of the consistent themes I heard in many of the sessions I attended was a concern around compliance management of tax credits & incentives – from both industry and government agencies.
