Compliance systems to address proposed regulations

Pending regulation: FASB 832

FASB Topic 832 will require corporate entities (public and private) to provide details of government assistance arrangements and to report on financial impact.

Reporting requirements will include:

  • The types of arrangements;
  • The accounting for government assistance; and
  • Their effect on an entity’s financial statements

Government assistance requiring reporting will include: tax credits, incentives, rebates, grants, abatements, loan guarantees, bond guarantees, and more; all of which OIX management systems are designed to enable and streamline.


Background:

With the intent to better align International and US GAAP accounting standards, FASB proposed new regulations, an accounting standard update, and a conceptual framework for financial reporting. If finalized, the new regulations would require changes to GAAP Financial Reporting.


Status:

The FASB conducted their last formal meeting in June 2017. The Board will now begin the effort to finalize the disclosure framework and formally resolve remaining issues (the result was expected in July/August 2017, and as of this date no update has been officially declared).

OIX service providers are here to help

For more information or guidance please contact one of the OIX Service Providers active on our platform

OIX - The Online Incentives Exchange

The OIX provides integrated technology solutions for tax credit & incentive management, administration and monetization. The OIX is the only provider that offers secure cloud-based technology, and white label solutions coupled with compliance, workflow and reporting tools which are a must-have for any business!