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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…
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ASC 842: A Roadmap for Adopting the New Lease Accounting Standard
Your gut reaction to to the ASC 842 Lease Accounting Standard may be to think it’s for the other party—those that lease real estate, vehicles or equipment to others. However, the greater impact is on the lessee doing the borrowing, rather than the lessor. Any contracts signed where you’re using another company’s property with the…