Latest news with #FASB
Yahoo
20-05-2025
- Business
- Yahoo
AICPA appoints Rahul Gupta as chairman of FinRec
The American Institute of CPAs (AICPA) has appointed Rahul Gupta as the chairman of its Financial Reporting Executive Committee (FinREC). Based in Chicago, Gupta is an audit partner in Grant Thornton's National Office as well as a principal at Grant Thornton Advisors, where he assists teams and clients with complex accounting issues and develops thought leadership on accounting standards. Gupta has been contributing to FinREC since May 2022 and is also a member of the AICPA's Digital Assets Working Group. His prior experience includes a significant role at the Financial Accounting Standards Board (FASB) as a practice fellow and senior project manager, where he helped enhance U.S. GAAP with his technical knowledge and practical insights. Gupta's role also involves liaising with key standard-setting bodies such as FASB, the International Accounting Standards Board (IASB), and the Securities and Exchange Commission (SEC). FinREC outgoing chair and a managing director at Deloitte Mark Crowley said: 'Rahul brings extensive experience and significant acumen in accounting standards to FinREC,' 'He has made substantial contributions as a volunteer on FinREC and other AICPA working groups and is an excellent choice to lead FinREC.' AICPA's director of accounting standards Kim Kushmerick said: 'Having worked with Rahul for many years, we are fortunate to have someone with his knowledge and experience to chair FinREC.' FinREC's mission is to articulate the AICPA's technical policies on financial reporting standards and act as its voice on these matters. The committee aims to serve the public interest by fostering improvements in financial reporting. Earlier in May 2025, the AICPA announced the retirement of Carl Peterson, its vice-president for small firm interests, on 30 June 2025. "AICPA appoints Rahul Gupta as chairman of FinRec" was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
13-05-2025
- Business
- Yahoo
FASB clarifies accounting acquirer guidance in business combinations
The US Financial Accounting Standards Board (FASB) has released an Accounting Standards Update (ASU) to enhance the requirements for identifying the accounting acquirer in FASB Accounting Standards Codification Topic 805, Business Combinations. The update is based on a recommendation from the Emerging Issues Task Force (EITF). It revises existing guidance for determining the accounting acquirer in transactions primarily involving the exchange of equity interests, where the legal acquiree is a variable interest entity meeting the definition of a business. The amendments require entities to apply the same factors used in other acquisition transactions to identify the accounting acquirer. FASB chair Richard Jones said: 'The new ASU is the first recommendation from the recently reconstituted EITF to be issued as a final standard, and we thank the group for providing a path forward in making financial reporting in this area more comparable and decision useful for investors.' Additionally, FASB is seeking public feedback on a proposed ASU that provides guidance on accounting for debt exchange transactions involving multiple creditors. The proposal, also recommended by the EITF, is open for stakeholder review and comment until 30 May 2025. Under current generally accepted accounting principles, entities must determine whether a modified or exchanged debt instrument should be treated as a modification of the existing obligation or as the issuance of a new one, with the old obligation extinguished. The proposed ASU clarifies that certain debt instrument exchanges should be recognised as the issuance of a new debt obligation and the extinguishment of the existing one. FASB believes this update will enhance the decision-usefulness of financial reporting by ensuring economically similar transactions are accounted for consistently. It also aims to reduce varied practices in accounting for such exchanges. "FASB clarifies accounting acquirer guidance in business combinations " was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
09-05-2025
- Business
- Yahoo
A Surprising Takeaway From Tesla's Disappointing Earnings Report and What It Means for Bitcoin
Tesla is the fifth biggest corporate Bitcoin investor with more than 11,500 coins. More public companies own Bitcoin than ever before. Changes in reporting rules have made corporate crypto investing more attractive. Tesla (NASDAQ: TSLA) has had a tough start to the year. Its stock is down almost 30% year to date, and disappointing is, frankly, a polite word to use about its first-quarter results. Its revenue and earnings per share missed analyst expectations, and its automotive revenue fell 20% year on year. But there's been plenty of coverage of Tesla's troubles. If you're a crypto investor, there's a less-reported figure to note in Tesla's recent earnings: Its crypto holdings are currently worth about $1.1 billion. It holds 11,509 Bitcoins (CRYPTO: BTC) and it hasn't sold any since 2022. The balance sheet value of its crypto stash shot up dramatically at the end of last year because of changes in accounting rules. And that rule change is good for cryptocurrency adoption. The Financial Accounting Standards Board (FASB) issued new guidance in 2023 because investors complained that the old rules distorted the value of digital asset holdings. As of December 2024, public companies have to report the fair value of any crypto assets they hold in each reporting period. That's a big change. The old rule applied something called historical cost accounting -- a very conservative way of attributing value -- to digital assets. This handicapped companies that held crypto. It meant public companies had to list crypto holdings on their balance sheets at their lowest price, unless they sold them. The value of any crypto holdings would initially reflect the purchase price and then get written down if prices fell. But the value could only go down -- subsequent recoveries didn't make any difference. For example, Tesla bought its Bitcoin in early 2021 at about $30,000 per coin. At the end of 2022, Bitcoin's price fell below $16,000. It was stuck at $15,987 on Tesla's balance sheets for quite some time. Tesla listed its Bitcoin stash at a steady $184 million in every quarterly report from December 2022 to December 2024. The price rose considerably, but only that low point showed in Tesla's earnings. That changed for Q4 2024 when Tesla applied the new rules and the value of its coins jumped to more than $1 billion. It recorded a $600 million gain on its balance sheet -- almost a quarter of its $2.3 billion net income for the quarter. Tesla and Bitcoin? It's complicated. In early 2021, Tesla bought its first Bitcoin and said it planned to accept Bitcoin payments. It was one of the first big companies to really commit to crypto, and Bitcoin's price subsequently surged to a new high. A few months later, Chief Executive Officer Elon Musk backtracked and said Tesla would halt plans for Bitcoin payments because of environmental concerns. Tesla went on to sell 75% of its crypto in the second quarter of 2022. Even so, it is still the fifth biggest corporate holder of cryptocurrency today, per Bitwise's latest market review. Tesla owns about 0.06% of the 21 million Bitcoins that will be produced. If you're worried Tesla will sell its holdings and rock the market again, take solace from the fact that Tesla doesn't have the dominance it did four or five years ago. It's still an important player, just not as important. According to Bitwise, 12 new public companies bought Bitcoin in Q1 2025, taking the total to 79. Together, those companies hold a total of 688,000 Bitcoins. It also says public companies bought over 95,000 Bitcoins in Q1 (16% of the total holdings). The change in reporting rules is only one reason for the shift. Companies are also looking to diversify their investments and hedge against inflation and other global uncertainties. It helps that Strategy -- the software company that's built up a veritable trove of Bitcoin -- has gained more than 200% since last May. Even so, investing in cryptocurrency is risky, whether you are a listed company or a private investor. Company balance sheets will now reflect both the ups and downs in prices. It's also important to understand any tax consequences. And it is still a volatile asset class. If prices fall, it will hurt a company's finances, no matter what accounting rules apply. There weren't many winners in Tesla's most recent earnings reports. But corporate Bitcoin buying is one. Not only because it gave a much-needed boost to the electric car company's income, but also because it highlights the advantages of the new accounting rules. Ever feel like you missed the boat in buying the most successful stocks? Then you'll want to hear this. On rare occasions, our expert team of analysts issues a 'Double Down' stock recommendation for companies that they think are about to pop. If you're worried you've already missed your chance to invest, now is the best time to buy before it's too late. And the numbers speak for themselves: Nvidia: if you invested $1,000 when we doubled down in 2009, you'd have $303,566!* Apple: if you invested $1,000 when we doubled down in 2008, you'd have $37,207!* Netflix: if you invested $1,000 when we doubled down in 2004, you'd have $623,103!* Right now, we're issuing 'Double Down' alerts for three incredible companies, available when you join , and there may not be another chance like this anytime soon.*Stock Advisor returns as of May 5, 2025 Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin and Tesla. The Motley Fool has a disclosure policy. A Surprising Takeaway From Tesla's Disappointing Earnings Report and What It Means for Bitcoin was originally published by The Motley Fool
Yahoo
01-05-2025
- Business
- Yahoo
FASB seeks public input on changes to debt exchange accounting
The Financial Accounting Standards Board (FASB) is requesting public feedback on a proposed Accounting Standards Update (ASU) that would provide specific guidance on accounting for debt exchange transactions involving multiple creditors. The proposal, based on a recommendation by the Emerging Issues Task Force (EITF), is open for stakeholder review and comment until 30 May. Under the current generally accepted accounting principles, entities are required to determine if a modified or exchanged debt instrument should be treated as a modification of the existing obligation or as the issuance of a new one, with the old obligation extinguished. The proposed ASU clarifies that certain debt instrument exchanges should be recognised as the issuance of a new debt obligation and the extinguishment of the existing one. The FASB believes this update would enhance the decision-usefulness of financial reporting by ensuring economically similar transactions are accounted for in a consistent manner. It also aims to reduce the varied practices in accounting for such exchanges. Stakeholders have raised issues with the current approach, suggesting it does not accurately reflect the economic reality of certain exchanges, especially when the issuance of new debt and repayment of existing debt are independent events. Moreover, the current requirement for a quantitative analysis of cash flow changes has been deemed complex and costly. The Board said proposed amendments would simplify this by specifying conditions under which debt exchanges should be accounted for as new issuances and extinguishments. In March 2025, the US Securities and Exchange Commission (SEC) approved the 2025 taxonomies for financial reporting as released by the FASB. These include the GAAP Financial Reporting Taxonomy, the SEC Reporting Taxonomy, and the GAAP Employee Benefit Plan Taxonomy. "FASB seeks public input on changes to debt exchange accounting " was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
17-04-2025
- Business
- Yahoo
Visual Lease Named a Workday Innovation Partner to Help Organizations Provide Expanded View of Lease Portfolios
This integration will provide mutual customers with a comprehensive view of their lease portfolios, helping to enhance operational efficiency and control while mitigating risk ARLINGTON, Va., April 17, 2025--(BUSINESS WIRE)--Visual Lease, a CoStar Group (NASDAQ: CSGP) brand and a premier platform for integrated lease management, accounting, and reporting, announced today that it has become a Workday Innovation Partner. This collaboration combines Visual Lease's platform for lease accounting and management with Workday Financial Management software to empower joint customers with a comprehensive view of their lease portfolios, helping them manage their financial ecosystem, from general ledger to lease-specific reporting, accurately and efficiently. With this partnership, mutual customers can use a packaged solution including a standard set of preconfigured integrations that help automate the bidirectional exchange of financial data, provide more streamlined lease management, and help support compliance with FASB/IFRS and GASB 87/96 standards. The partnership comes on the heels of CoStar Group's recent acquisition of Visual Lease and is a testament to their commitment to broaden the solutions available to their customers. "Our integration delivers real-time, accurate data across systems, empowering customers to enhance compliance, boost operational efficiencies, and minimize financial reporting risks, all while reducing costs," said Andy Florance, CoStar Group Founder and Chief Executive Officer. "This partnership with Workday further aligns the Visual Lease platform to provide accurate and timely information, which empowers our customers to continue confidently making strategic decisions and drive their business forward." Shared customers will benefit from a comprehensive financial tool with Workday Financial Management, and a best-in-class solution for lease accounting and management with Visual Lease. About CoStar Group, Inc. CoStar Group (NASDAQ: CSGP) is a global leader in commercial real estate information, analytics, online marketplaces and 3D digital twin technology. Founded in 1986, CoStar Group is dedicated to digitizing the world's real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives. CoStar Group's major brands include CoStar, a leading global provider of commercial real estate data, analytics, and news; LoopNet, the most trafficked commercial real estate marketplace; the leading platform for apartment rentals; and the fastest-growing residential real estate marketplace. CoStar Group's industry-leading brands also include Matterport, a leading spatial data company whose platform turns buildings into data to make every space more valuable and accessible, STR, a global leader in hospitality data and benchmarking, Ten-X, an online platform for commercial real estate auctions and negotiated bids and OnTheMarket, a leading residential property portal in the United Kingdom. CoStar Group's websites attracted over 134 million average monthly unique visitors in the fourth quarter of 2024, serving clients around the world. Headquartered in Arlington, Virginia, CoStar Group is committed to transforming the real estate industry through innovative technology and comprehensive market intelligence. From time to time, we plan to utilize our corporate website as a channel of distribution for material company information. For more information, visit About Visual Lease Powered by CoStar Group, Visual Lease is the premier platform for integrated lease management, lease accounting, and sustainability reporting. It is trusted by enterprises worldwide to seamlessly navigate complex portfolios. As the centralized system of record for all lease-related financial, operational, and legal data, Visual Lease supports every team involved in managing a company's leased and owned assets. Informed by nearly three decades of experience, our platform enables organizations to save time, mitigate risks, reduce costs, and support sustainability initiatives. Our award-winning software is used by 1,500+ organizations to manage more than 1 million leased assets records globally. For more information, visit View source version on Contacts Media Contacts:Matthew BlocherCoStar Groupmblocher@ T: 202-346-6774Angie LufranoCaliber Corporate Advisorsvisuallease@ T: 510.517.2842 Sign in to access your portfolio
