The second challenge, assuming the time issue can be overcome, is the lack of resources related to accounting for
Work on Phase II, detailing the accounting for
insurance contracts, had become "dormant" over the past year after the IASB ran into opposition from the insurance industry, said Clark.
2) Concededly, where there are two (or more) permissible methods of accounting for
an item, and in connection with an examination the taxpayer discovers that it is employing a suboptimal method, the IRS might properly decline to exercise its authority to initiate a change in method in the tax years under examination.
20 identified--and required retrospective restatement for--numerous specific exceptions to this rule, including a change from Lifo, a change in the method of accounting for
long-term construction contracts, a change to or from the full-cost method in the extractive industries, issuance of public financial statements for the first time or a change to a new professional standard requiring retroactive restatement.
Taxpayers currently accounting for
stated interest on short-term consumer loans under the Rule of 78s method may automatically change to the constant yield method under the general automatic method change procedures of Rev.
97-27, the ERS has set forth revised procedures that a taxpayer must employ in order to obtain the consent of the Commissioner to a change in a method of accounting for
federal income tax purposes.
If the parent hedges only a portion of its net investment in a subsidiary, it may be able to structure hedges of other same-currency exposures while accounting for
that portion as an equity hedge.
Lotus 1-2-3 revolutionizes accounting for
small and midsize businesses.
At its next meeting, the FASB will consider the appropriate financial accounting for
the tax effect of stock options, how stock-based plans and cash bonus plans integrate, and how to account for the exchange of stock options in merger and acquisition transactions.
96-31,(21) which provides a taxpayer with an automatic consent procedure to change its method of accounting for
depreciation or amortization where it has claimed less than the full amount of depreciation allowable, was added to the list of automatic consent procedures.
The illustration on page 47 shows that in certain situations with high dividends but small differences between the fair value of released shares and their cost, the impact of the change in accounting for
dividends will be greater than the more publicized change in accounting for
the ESOP share value.
133, Accounting for
Derivative Instruments and Hedging Activities, illustrates how this works.
471-2(a), (1) Wal-Mart's accounting for
inventories conformed as nearly as may be to the best accounting practice in its trade or business; and (2) clearly reflected its income.
You probably won't choose that last treatment, but whatever you choose will become your method of accounting for
this $120 million contract.
Are you confused about the rules on accounting for