154 requires retrospective application of the direct effects of an accounting change
, unless it is impracticable to determine either the cumulative effect or the period-specific effects of the change (see "The Change Game," JofA, Dec.
The hallmark of any successful accounting change
is a thorough examination of the issues and consequences associated with the change to ensure that the new guidance will have the intended effect.
For example, if a calendar-year taxpayer initiates the accounting change
as of Jan.
cumulative effect of accounting change
136,892,000 96,795,000 Non-recurring items (net of tax) -- (94,287,000) Earnings from continuing operations before extraordinary items and cumulative effect of accounting change
136,892,000 2,508,000 Discontinued operations, (net of tax) (204,870,000) (13,631,000) Loss before extraordinary items and cumulative effect of accounting change
(67,978,000) (11,123,000) Net Loss (67,978,000) (33,505,000) Earnings per common share: Basic: Earnings from continuing operations before non-recurring item, extraordinary items and cumulative effect of accounting change
NYSE: WTR) announced today that it intends to adopt the repair tax accounting change
for its Pennsylvania subsidiary on Aqua America's 2012 federal income tax return to be filed in September 2013.
Income after preferred stock dividends and before the cumulative effect of an accounting change
in the first quarter of 1996 was $7.
During 1990, however, the IRS began rejecting law firms' accounting change
EPS for discontinued operations, extraordinary items and the cumulative effect of an accounting change
must be disclosed in the income statement or in the notes to the financial statements.
The accounting change
results in a substantially more favorable accounting treatment and comes after the issue was first brought to the attention of the FASB by Life Partners Holdings, Inc.
20 furnishes some guidance by simply saying the materiality of an accounting change
is determined by its effect on various income variables.
Earnings per share after the accounting change
However, they liked the new modified unqualified consistency report better than both the former except-for consistency report and the standard unqualified report used alone in the event of an accounting change