FASB Likely to Weigh Proposal To Defer New Revenue Rules
Financial Accounting Standards Board plans to decide early in the second quarter whether to propose a delay in the Jan. 1, 2017 effective date by which companies have to shift to new, far-reaching standards on revenue recognition.
A number of U.S. companies, particularly telecom and technology companies, have sought a deferral of the rules, issued jointly by FASB and the International Accounting Standards Board last spring. The companies have said that applying the new standards would entail burdensome systems and other changes that would require more time. Read the full story.
Obama’s Corporate Tax Plan? CFOs Weigh In
President Barack Obama’s proposed 2016 budget calls for a one-time 14% tax on companies’ overseas earnings. Future foreign profits would incur a 19% tax, lower than the current 35% rate. Finance chiefs with overseas operations will have to adjust their balance sheets should the budget be approved with this provision in its current form.
CFO Journal is talking to finance executives today about the proposed budget and, if passed, the implications it could have for their companies going forward. Read the full story.by