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Goodwill Impairment: Updated Standard Offers Reporting Relief

Recording goodwill impairment just got easier. With an unprecedented number of businesses negatively impacted by the COVID-19 pandemic, the Financial Accounting Standards Board (FASB), approved Accounting Standards Update 2021-03 (ASU) in March 2021 to help businesses get their financial statements in sync with their current economic condition. Any private company or non-profit that shows a higher value on their books than what they could get by selling the business today needs to evaluate whether they can—and if they should—take advantage of this new accounting option. 

Why Outsourcing Accounts Receivable Makes Sense

No matter the size of a business, outsourcing accounts receivable is useful in many aspects. Growth-oriented businesses may not yet require a full-time AR clerk or analyst; enterprise-sized organizations may need to rapidly scale up their accounting departments during busy times of the year. Either way, finding the talent you need, you need it is a powerful … Continued

Goodwill Accounting: What You Need to Know

When selling or merging a business, goodwill is referred to the intangible assets that represent the excess purchase price over the fair market value acquired during the purchase of an organization.