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Articles by Thomas R. Wilson, CPA

Are Your Investments Reported Correctly?

By Thomas R. Wilson, CPA February 12, 2019

The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU No. 2016-1 – Financial Instruments-Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities.  The objective of this ASU is to enhance the reporting model for financial instruments to provide users of financial statements with…

Deferred Income Tax

By Thomas R. Wilson, CPA May 23, 2018

The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU No. 2015-17 – Income Taxes, Balance Sheet Classification of Deferred Taxes.  This ASU simplifies the presentation and disclosures of deferred income taxes. Current GAAP requires deferred income tax assets and liabilities to be separated into current and…

New Accounting on Discontinued Operations

By Thomas R. Wilson, CPA December 20, 2016

By Tom Wilson, CPA In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-08 – Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This update applies to all entities. The…