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.

NEWS

IRS sets start date for tax season

The IRS announced that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.

PODCAST

Why CPAs can’t wait on automation tools

What do accounting firms waiting on others to develop AI, automation, and data analytics tools have in common with a baseball fan sitting in a stadium filling with water at an exponential rate? The answer could determine your firm’s fate.