FASB Issues Accounting Standards Update Clarifying the Definition of a Business

Within the ASU guidelines, there are two main thresholds to determine if an entity is a business.

Preparing for FASB Changes to Revenue Recognition and Lease Accounting

FASB guidance addresses inconsistency and weakness in existing revenue recognition and lease accounting requirements.

Valuation Issues in Australia

Australian financial reporting is based on IFRS. The Australian Accounting Standards Board (AASB) has issued AASB standards mirroring IVS with a few very minor changes.

M&E Assets: Determining the loss of asset value from functional obsolescence

Determining the fair value of M&E assets for financial reporting purposes should include the consideration of three forms of depreciation: physical, economic and functional.