Veristrat

Financial Reporting

Accounting Standard Codification (ASC) 805 (formerly known as Financial Accounting Standard (FAS) 141R)
  • ASC 805 (or FAS 141R) governs the guidelines laid down for accounting and reporting of business combination. According to the guidelines, an acquirer needs to recognize the asset acquired, the liabilities assumed, and any non-controlling interest in the acquiree at the acquisition date.
Accounting Standard Codification (ASC) 350 (formerly known as Financial Accounting Standard (FAS) 142)
  • ASC 350 (or FAS 142) governs the guidelines laid down for accounting and reporting of goodwill impairment and indefinite life intangible assets. According to the guidelines, the businesses should perform the test for impairment on reporting unit level once a year or time when any material event took place and thus, report the impairment and impaired intangible assets value on its financial statements.
Accounting Standard Codification (ASC) 815 (formerly known as Financial Accounting Standard (FAS) 133)
  • ASC 815 (or FAS 133) governs the guidelines laid down for accounting and reporting of derivative instruments, including certain derivative instruments embedded in other contracts, (collectively referred to as derivatives) and for hedging activities. According to the guidelines, an entity should recognize all derivatives as either assets or liabilities in the statement of financial position and measure those instruments at fair value. Further, the accounting for changes in the fair value of a derivative (that is, gains and losses) depends on the intended use of the derivative and the resulting designation.
Accounting Standard Codification(ASC) 820 (formerly known as Financial Accounting Standard (FAS) 157)
  • ASC 820 (or FAS 157) governs the guidelines laid down for fair value measurement. According to the guidelines, it establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements.
Accounting Standard Codification (ASC) 718 (formerly known as Financial Accounting Standard (FAS) 123R)

ASC 718 (or FAS 123R) governs the guidelines laid down for the accounting for stock based compensation. According to the guidelines, it establishes the framework for accounting of transactions in which an entity exchanges its equity instruments for goods and services.

Tax Reporting

Internal Revenue Code (IRC) 409a
  • IRC 409a regulates the treatment for federal income tax purposes for nonqualified deferred compensation. According to the guidelines, all the options should be granted at excise price equal to or higher than the fair market value.
  • Therefore, looking at the complexity involved in performing in-depth valuations as per above standards, we as a team strive to provide robust financial solutions to meet the deadlines with highest quality of services.