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For a number of years now, practitioners and small businesses have argued that the increasingly complex and ever-changing accounting standards written with large, publicly traded companies in mind are leaving the small business owner behind. As a result, the Financial Accounting Standards Board (FASB) and the American Institute of CPAs (AICPA) have made competing proposals…
Read MoreThere is minimal guidance in current U.S. generally accepted accounting principles (GAAP) that addresses when it is appropriate to apply, or how to apply, the liquidation basis of accounting. Consequently, there is diversity in practice. The amendments in this Update are being issued to clarify when an entity should apply the liquidation basis of accounting.…
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