The Financial Accounting Standards Board has issued an Accounting Standards Update aimed at improving financial reporting by clarifying when and how public and private companies and not-for-profit ...

For companies that are on the brink of meltdown, the Financial Accounting Standards Board is proposing new guidance to help determine when it’s appropriate to switch their accounting basis from that ...

The Company's Investment Policy was changed in January 2023 to pursue a Managed Wind-down strategy. Under US Generally Accepted Accounting Principles ("US GAAP") (the basis on which the Company ...

The American Institute of CPAs’ Employee Benefit Plans Expert Panel has developed some new practice aids to provide nonauthoritative guidance about the effects of recent accounting standards relating ...

As a sole proprietor, your business assets belong to you personally and your business debts are yours as well. The process of liquidating a sole proprietorship involves selling the assets to cover the ...

The way you close your business depends on the nature of the business. You can close a sole proprietorship whenever you wish. However, certain protocols must be followed if you own a limited liability ...

An entity is required to prepare financial statements on the “liquidation basis” of accounting if liquidation is imminent. However, no guidance was available on application of liquidation basis.

The Expert group on accounting of small businesses supported the proposal to simplify the accounting of the liquidation value of fixed assets for small enterprises. This is reported by the Ministry of ...