TaxConnections


 
 

Tag Archive for FASB

FASB Receives Support For Proposed Tax Reform Guidance

Numerous banking institutions, insurers, and financial trade organizations support the Financial Accounting Standards Board’s (“FASB”) proposed response to the Tax Cuts and Jobs Act. In comment letters on Proposed Accounting Standards Update (“ASU”) No. 2018-210, Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income, groups like the American Bankers Association urged the FASB to approve its proposed amendment. Proposed ASU No. 2018-210 aims to reduce the accounting effects of complying with the new tax law and simplify financial statements for investors. Read more

Accounting For Donor-Restricted Funds

Frequently, a charitable organization will be offered a contribution with restrictions on the use of that contribution.  The gift can be cash or any other asset. The organization is under no obligation to accept the gift with restrictions, but if it does, the donor restrictions must be honored. A distinction should be made between a conditional donation and a restricted one. A conditional donation is predicated on the occurrence or non-occurrence of a specific event. For example, the donor may specify that a contribution will be made to the organization’s building fund if a certain amount of additional funds are raised within a specified period of time. A doctor-restricted contribution may only be used for the purpose specified by the donor. As an example, the donor may make a contribution to a university scholarship fund, specifying that the funds will be awarded only to junior accounting majors with a GPA of 3.0 Read more

Meet Tax Experts At TaxConnections...