Accounting


The Financial Accounting Standards Board (FASB) in December issued Statement no. 153, Exchanges of Nonmonetary Assets, an amendment of APB Opinion no. 29. The revised guidance is based on the principle that exchanges of nonmonetary assets should be measured according to the fair value of such assets. The statement replaces the narrow exception for nonmonetary exchanges of “similar productive assets” with a broader one for exchanges of “nonmonetary assets that do not have commercial substance.” The guidance, whose provisions will be applied prospectively, is effective for nonmonetary asset exchanges that take place in fiscal periods beginning after June 15, 2005, although application is permitted for such transactions occurring in periods beginning any time after the date of issuance.

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Building client loyalty with payroll services

In this report, CPA experts detail their tactics for performing successful payroll services, how to mitigate risk in the process, and the impact payroll can have as a value-added service.

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Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.