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Accounting Updates

New Consolidation Standards — Who Put the VIE in Related-Party Lease Arrangements?

The new consolidation guidance has snagged the most common sort of related-party transaction in our practice today — the related-party lease. The basic scenario covered by this alert is the following: An entity needs a building to contain its operations. The owner of the business entity finds such a building, buys it, and leases it to the entity.

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Proposed Changes to Revenue Recognition Standards — Only One Proud Standard Rather than Dozens

What’s “ahead” in this article:> Key Points> FAQs — Other Common Questions and Answers> Suggested Next Steps> A Final Important Note(click on these links to go directly to that section)The Financial Accounting Standards Board (FASB) issued an exposure draft in...

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Proposed Changes to Lease Accounting Standards — The Classic Cookie-Cutter Standard Is Likely to Be Retired

What’s “ahead” in this article:> Key Points for Lessees> Change and Volatility on Income Statement> FAQs> Suggested Next Steps> Two Final Notes(click on these links to go directly to that section)FASB issued an exposure draft in August 2010 to substantially...

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This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.