Understanding Onerous Contracts: Definition, Examples, and Accounting Rules

Learn what an onerous contract is, regulations for reporting them, and examples. Explore how IFRS and GAAP differ in handling these unfavorable contracts.
Law

'Golden Rule': Apply Accounting Principles Correctly

On December 3, the Supreme Court of Delaware issued an important decision related to purchase price adjustments and, specifically, how a seller's misapplication of accounting rules can leave buyer on ...
JournalofAccountancy

Simplified accounting rules issued for small businesses

Proposed regulations (REG-132766-18) issued Thursday update various tax accounting regulations to adopt the simplified tax accounting rules for small businesses enacted by the law known as the Tax ...
San Francisco Fed

Agencies Issue Final Rule for Regulatory Capital Standards Related to Statements of Financial Accounting Standards Nos. 166 and 167

The federal banking and thrift regulatory agencies announced on January 21, 2010 the final risk-based capital rule related to the Financial Accounting Standards Board's adoption of Statements of ...
JournalofAccountancy

New crypto accounting rules may spur early adoption

Cryptoasset holders — and the CPAs who advise them — have the opportunity to early adopt favorable new accounting rules that officially take effect from December 2024. FASB’s new guidance, which goes ...