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.
FASB Topic 832 Board Meeting
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.
5 Technology Tips: Preparing for Disclosures on Tax Credits & Incentives under FASB 832
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.
Blockchain and Corporate Taxation: Change is Coming
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.
Infographic - FASB Topic 832 Timeline (updated)
Trump’s Impact on Compliance in 2017: Change is Coming
With every new president, there always comes some uncertainty to how the new regime will affect policy. However, with the presidential inauguration of Donald Trump now behind us, there is a heightened level of anticipation for what might happen in the coming months. Even without the wildcard that is President Trump, a Republican controlled House and Senate will ensure that many changes will be coming that will greatly impact compliance in regulated industries in 2017.
99% of Companies Subscribe to this Proverb
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.
The Elephant in the Boardroom
Part 1 of a 3-Part Series
It’s no surprise that no one is talking about a new Financial Accounting Standards Board (FASB) pronouncement on government incentives that’s coming down the pike. For years, major corporations have been burying how they account for government incentives on their balance sheets & footnotes to their financial statements under some random line item like “Other Assets”.
Tax Incentives: Don’t Lose Sight of Commitments
The concept of accountability isn’t new — especially when discussing taxpayer dollars and where they are spent by government agencies. Governments are under constant scrutiny regarding tax revenue and expenditures from their constituents, the media, and the public as a whole. However, there has been an increasing call for accountability when it comes to corporate tax credits and incentives for economic development.