Published: December, 2021
In its outreach with users, preparers, and practitioners of both public and private companies, the Financial Accounting Standards Board (FASB) learned most stakeholders want additional transparency around financial reporting of government assistance arrangements that businesses enter into—including those providing tax incentives and tax abatements.
There has been diversity in practice around recognizing, measuring, and disclosing these arrangements, which has resulted in less-than-optimal information for financial statement users.
Current GAAP has no specific authoritative guidance on the accounting for, or the disclosure of, government assistance received by business entities.
Topic 832’s goal is to improve financial reporting by requiring disclosures that increase the transparency of transactions. It focuses on the disclosures about the types of assistance, an entity’s accounting for the assistance, and the effect of the assistance on an entity’s financial statements.
In addition, Topic 832 says that requiring disclosures about government assistance in the notes to financial statements will provide comparable and transparent information to investors and other financial statement users to enable them to understand an entity’s financial results and prospects for future cash flows.
In this CPE course speaker, Michel Morley will discuss in detail the accounting of FASB Topic 832.
Major Topics Covered in this accounting CPE webinar:
Founder Mike Morley
Mike Morley is a Certified Public Accountant and a recognized authority in the field of finance with more than 25 years experience in finance, including SOX and IFRS implementation.
An entertaining and informative speaker and trainer, Mike is the author of:
“IFRS Simplified” which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS.
“Sarbanes-Oxley Simplified” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements.
“Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate.