Accounting for Internal-Use Software (#394)
In this episode, Steve Bragg explains the new accounting guidance for internally developed software, which replaces the old stage‑based model with a simple recognition threshold that requires management commitment and a probable completion. He outlines how to assess development uncertainty—technological and performance‑requirement risks—and details which costs can be capitalized once the threshold is met, such as direct material, service, and payroll expenses, while training, general admin, and maintenance remain expensed. The discussion highlights the relevance of the new model for agile development, the importance of precise project accounting, and how upgrades, impairments, and website development are treated under the standard.
Accounting for Cannabis (#393)
In episode 393, Steve Bragg explains how the federal prohibition of marijuana under Section 280E forces cannabis companies to treat book accounting and tax accounting as two separate, often divergent, processes. While financial statements follow normal GAAP, the IRS disallows...
Unclaimed Property Laws (#391)
In this episode Steve Bragg explains unclaimed property—assets like uncashed checks, dormant accounts, and gift‑card balances that remain on a company's books until state law forces a transfer. He outlines the fragmented state‑by‑state legal framework, the priority rules that determine...
Accounting for Sports Complexes (#390)
The episode breaks down the complex accounting landscape of a multi‑use sports complex, covering capital‑intensive asset acquisition, varied depreciation schedules, and the nuances of distinguishing capital improvements from routine maintenance. It explains revenue recognition across diverse streams—memberships, lesson packages, rentals,...
Accounting for Private Foundations (#389)
The episode explains what a private foundation is—a donor‑controlled, tax‑exempt nonprofit that primarily makes grants and invests its endowment. It outlines the nonprofit accounting standards they follow, emphasizing that most net assets are reported without donor restrictions and that investment...