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The Financial Accounting Standards Board issued an accounting standards update Thursday to offer guidance on share-based consideration payable to a customer in conjunction with selling goods or services.The changes aim to improve financial reporting results by dealing with the intersection of the requirements of FASB’s revenue recognition and stock compensation standards, Topics 606 and 718 in FASB’s Accounting Standards Codification.The amendments to the two standards impact the timing of revenue recognition for entities that offer to pay share-based consideration (such as equity instruments) to a customer (or to other parties that purchase the entity’s goods or services from the customer)…

Jamie Dimon isn’t ruling out a recession even after forecasts for a downturn have been pared back following a US-China deal to lower tariffs.The JPMorgan CEO said he believes a downturn is still possible, despite market volatility easing and renewed optimism over recent progress toward a trade deal between the US and China. “I’m going to defer to economists who give it about a 50% chance,” Dimon said of the chances of a recession. “If there’s a recession, I don’t know how big it’ll big or how long it’ll last. Hopefully we’ll avoid it, but I wouldn’t take it off the table…

A Republican tax plan seeking to cut clean-energy subsidies includes provisions that threaten to cripple the incentives before they even end. Little-noticed restrictions in the legislation would disqualify companies from claiming key tax credits if they use components, “subcomponents” or critical minerals imported from nations including China, Russia and North Korea. Because much of the U.S. solar and battery industry relies on materials from China, critical manufacturing credits would be unusable well before their official sunset date. The new rules also apply to credits for nuclear, carbon capture, geothermal, heat pumps and biofuels.The move would constitute “a complete death” for energy projects…

Two New York Republicans signaled that the cap on the state and local tax deduction may rise to as much as $80,000 as GOP lawmakers from high-tax states demand a boost in exchange for their votes on President Donald Trump’s tax package. Representative Nicole Malliotakis said Wednesday there’s an “opportunity” to grow the $30,000 state and local tax deduction cap offered by House GOP leaders in negotiations, potentially to as much as $80,000 for couples and $40,000 for individuals. Fellow New York Republican Nick LaLota told Bloomberg Television later Wednesday that those limits could be on the table. Malliotakis signaled that could require…

The cost of Republican lawmakers’ draft plan for sweeping tax cuts weighed in at $3.8 trillion over the next 10 years in one official estimate. The reality is likely much higher, thanks to the use of budget and political tools designed to minimize the appearance of the fiscal hit, according to independent analysts including former Republican staff members.Budget experts typically calculate the cost of legislation, or “score,” over a 10-year period. But President Donald Trump’s headline-grabbing pledges to remove taxes on tips and overtime are supposed to expire after just four years in the latest bill. That has the effect…

The chair of the House’s tax-writing panel said the $30,000 limit his committee put on the state and local tax deduction is “fair” and lawmakers from high-tax states should accept it.”It’s not everything that some of the SALT members want, but I have members of our conference that don’t even think that you should be able to deduct $1, let alone $30,000. It’s a fair and balanced approach,” Jason Smith, chair of the House Ways and Means Committee, said Thursday at an Economic Club of Washington, D.C. event.Demands from New York, New Jersey and California Republicans for a higher limit…

Ben Cohen, a cofounder of the ice cream brand Ben & Jerry’s, was removed from a Senate committee hearing and arrested on Wednesday after he protested against war in Gaza.Video of the incident showed him standing with several protesters, with some holding up signs, while Health Secretary Robert F. Kennedy Jr. was speaking.”Congress sends the bombs that kill children in Gaza and pays with cuts to Medicaid,” Cohen shouted as he stood up. Sen. Bill Cassidy told the group that disruptions wouldn’t be permitted and had them removed from the room.The Capitol Police had told Cohen and others in the…

Add Netflix co-CEO Ted Sarandos to the voices welcoming back the HBO name.Warner Bros. Discovery announced Wednesday that it would change its streamer’s name back to HBO Max, abandoning the Max name it adopted two years ago.”They had so many years trying to start with so many different brands that this move makes sense,” Sarandos said, chatting with Business Insider after the streamer’s annual TV upfront presentation. Sarandos said that branding was one area in which Netflix had an easier time than its legacy media rivals. It didn’t have to make the transition from cable TV to streaming and integrate…

Ever since the epic run on housing in the first years of the pandemic, fueled by record-low mortgage rates, the market has been plagued by low supply and high prices.Prices in March were 39% higher nationally than they were in March 2019, pre-pandemic, according to the S&P CoreLogic Case-Shiller Index. While prices continue to gain, the supply crunch is finally starting to ease — but not at the right price points.Demand for housing is strong overall, but strongest on the lower, more-affordable end of the market. That segment is still desperately undersupplied. As a result, home sales in the lower…

Dick’s Sporting Goods said Thursday it plans to acquire rival Foot Locker as it looks to expand its international presence, win over a new set of consumers and corner the Nike sneaker market. Under the terms of the agreement, Dick’s will use a combination of cash-on-hand and new debt to acquire Foot Locker for $2.4 billion. Foot Locker shareholders can receive either $24 in cash – a roughly 66% premium of Foot Locker’s average share price over the last 60-days – or 0.1168 shares of Dick’s stock.Foot Locker CEO Mary Dillon has been undertaking an ambitious turnaround at the footwear retailer,…