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Dec 25, 2024 · FASB concluded that the existing guidance—which reflects only the decreases, but not the increases, in the value of crypto assets until companies dispose of them—does not provide relevant financial information because they do not reflect the underlying economics of crypto assets and their holders’ financial position. This article expounds on the opposing arguments for the classification ...

Dec 20, 2024 · The SEC rule would mandate disclosure of Scopes 1 and 2 as well as require some reporting companies to disclose Scope 3 emissions in gross terms (i.e., before any offsets) if the emissions are deemed material or if the entity has set a GHG emissions reduction target that includes Scope 3 emissions. Accelerated or large accelerated filers would be required to initially obtain limited assurance ...

Nov 20, 2018 · Character of Settlement and Award Payments The tax treatment of a settlement or award payment will be determined by the “origin of the claim” doctrine. Under this doctrine, if a settlement or award payment represents damages for lost profits, it is generally taxable as ordinary income. Similarly, a settlement or award payment received from an employer for lost wages and damages would ...

Dec 1, 2023 · The AICPA 2021 “Trends Report” states: “Accounting graduates trended downward in the 2019–2020 academic year, with decreases of 2.8% and 8.4% at the bachelor’s and master’s levels, respectively.” These are national statistics; anecdotally, it is known that many universities, especially private ones, have experienced significantly larger decreases. For example, in September 2020 ...

Aug 3, 2021 · Gift and Estate Tax Returns A fiduciary generally must file an IRS Form 706 (the federal estate tax return) only if the fair market value of the decedent’s gross assets at death plus all taxable gifts made during life (i.e., gifts exceeding the annual exclusion amount for each year) exceed the federal lifetime exemption in effect for the …

Feb 9, 2021 · The liquidation of a partner’s entire partnership interest can take various forms, including payment made by the partnership to the retiring partner in complete redemption of the partner’s interest or a sale of such interest to the remaining partners. In both circumstances, the retiring partner receives cash or property in exchange for his partnership interest and the remaining partners ...

Nov 21, 2017 · A search for unrecorded liabilities is a fundamental, almost universally applied procedure in all audits. The scope of such a search frequently includes a sampling of subsequent cash disbursements, which is an example of testing one population for understatement by sampling through a “reciprocal” population where unrecorded or otherwise missing balances or transactions are likely to reside ...

Jan 2, 2025 · IASB News Trustees Reappoint Liu and O’Donovan to Interpretations Committee, Launch Search for New Members The IASB’s trustees have reappointed Yanli Liu

Jun 3, 2019 · In Brief Trusts enable individuals to ensure the financial health of loved ones long after they are gone, but only if they are properly set up and administered. Trustees bear a great personal responsibility in ensuring that the trust is handled properly. The authors detail the different types of trusts, their taxation, and the trustee’s responsibilities, providing both …