FASB Fills Hole in Stock Compensation Accounting Rules

By | Accounting, Stocks | No Comments

by Jason Bramwell on Jun 25 2014 The Financial Accounting Standards Board (FASB) last week finalized new accounting guidance on stock compensation – specifically on how to account for share-based payments, which is absent from current US Generally Accepted Accounting Principles (GAAP). Entities often issue share-based payment awards that require a specific performance target – such as attaining a specified profitability metric or selling shares in an initial public offering – to be achieved in…

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Knowing the Three Tax Scenarios for Vacation Homes

By | Accounting, Tax Benefits | No Comments

by Ken Berry on Jun 25 2014 Some of your clients may own a second home that they treat as a vacation getaway. If they can afford to use it personally all year-round, more power to them, but the tax benefits are few and far between. However, others choose to rent out the home to tenants, at least part of the time. In this case, the tax breaks can be bountiful, but the rules are…

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Thomson Reuters Reports on Broker-Dealer Auditing Changes

By | Accounting, Auditing | No Comments

New York (June 26, 2014) By Michael Cohn Thomson Reuters has released a special report examining the Public Company Accounting Oversight Board’s new standards affecting broker-dealer audits. The report, Cause and Effect of the Changing Broker-Dealer Audit Landscape, points out that auditors of broker-dealers will need to revise their audit procedures because they are now subject to the PCAOB’s stricter new standards for risk assessment, audit committee communication, engagement quality review and engagement completion documentation….

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