Selling a business may be a natural progression for your company as discussed in Parts I and II of this series by Senior Tax Manager, Naila Sharifova. As Naila explained, there are tax considerations for your company and shareholders which impact the amount of income generated by the sale. But whether you are selling a startup with intellectual property or you are selling your company as part of your retirement plans, the acquirer will want to review your company’s financial statements to determine what they are willing to pay for your company. (more…)
In June 2014, FASB issued an accounting standards update known as ASU No 2014-10 that changed financial reporting for the majority of early stage start-ups. This ASU eliminated the definition of a development stage entity and the financial reporting requirements associated with that designation. This change is effective for annual reporting periods beginning after December 15, 2014 but early implementation is allowed.
What Might Be Its Financial Reporting and Tax Implications?
Two weeks ago I summarized, to the best of my non-technical ability, the underlying framework of headline-grabbing Bitcoin (see Part I). But really…Bitcoin and other virtual currencies raise a host of interesting issues for businesses, which is why the discussion in the first place. This Part II continuation of the earlier post introduces some of those considerations.
Seems like everywhere I look these days, there’s an article about key issues for US companies wanting to do business in India. And if that wasn’t enough, several of my clients now have a presence in India requiring me to once again get familiar with the nuances of Indian laws and regulations. While I leave it to the other experts to opine on organization structure, relevant labor and currency laws and tax considerations, such as in Journal of Accountancy’s March 2013 article, How to Do Business in India, I’d like to share my two cents (or ₹1.09 at current exchange rates) on how an Indian subsidiary (component) impacts the financial reporting for the group by the parent US company…