Business Advisory

FASB Simplifies Balance Sheet Classification of Deferred Taxes

On November 20, 2015, as part of the Financial Accounting Standards Board’s (“FASB”) initiative to reduce complexity in accounting standards (the Simplification Initiative), FASB published Accounting Standards Update No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (ASU 2015-17). This update simplifies the presentation of deferred income taxes by requiring all entities […]

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Changes on the Horizon – Accounting for Leases

The Financial Accounting Standards Board (“FASB”) recently voted to proceed with issuing a final standard to revamp accounting for leases. The final accounting standards update is expected to be published in early 2016. For public companies, the upcoming standard will be effective for fiscal years (and interim periods within those fiscal years) beginning after Dec. […]

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Understanding Working Capital

*as published in Crain’s Cleveland – download the print version When selling a business, the transaction price usually represents some multiple of the income and cash flow of the company. In exchange for this consideration, the buyer expects to receive three classes of assets: Fixed assets needed to generate future cash flows Intangible assets (such […]

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