| FASB Release |
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FASB Statement No. 153 Released : The Financial
Accounting Standards Board (FASB) has issued Statement No. 153,
Exchanges of Nonmonetary Assets, an amendment of APB Opinion
No. 29, Accounting for Nonmonetary Transactions. The amendments
made by Statement 153 are based on the principle that exchanges
of nonmonetary assets should be measured based on the fair value
of the assets exchanged. Statement 153 is the result of a broader
effort by the FASB to improve the comparability of cross-border
financial reporting by working with the International Accounting
Standards Board (IASB) toward development of a single set of
high-quality accounting standards.
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| FASB
Release |
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FASB Statement No. 123 (revised 2004) Released : Titled Share-Based
Payment FASB Statement 123(R) provides investors and other users
of financial statements with more complete and neutral financial
information by requiring that the compensation cost relating
to share-based payment transactions be recognized in financial
statements. That cost will be measured based on the fair value
of the equity or liability instruments issued. This Statement
is the result of a two-year effort to respond to requests from
investors and many others that the FASB improve the accounting
for share-based payment arrangements with employees.
>>
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| Congressional
Budget Office ESOP & S Corps |
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The American Jobs Creation Act of 2004 : (AJCA), signed into
law in October 2004, contains the provision that permits S corporations
sponsoring an ESOP to use distributions from current earnings
on both allocated and unallocated ESOP stock to pay the loan
used by the ESOP to acquire stock for the employees. The legislation
also repeals the Extraterritorial Income (ETI) Act tax regime.
In addition to phasing out the ETI regime, the Act will provide
$137 billion in new corporate tax incentives over the next ten
years. >>
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