Many private companies are struggling with how to apply the goodwill impairment model in today’s uncertain, volatile conditions. And although the Financial Accounting Standards Board (FASB) has changed and simplified the accounting model for goodwill several times over the past decade...
Read MoreAre you trying to determine whether your company has impairment concerns as a result of the pandemic or due to the economic environment in general? If so, did you know you might have to look at more than just the goodwill on your books, including looking at your non-financial assets — in...
Read MoreNobody enjoys having to deal with debt covenant issues, but, particularly in times like these, they can be common and can have significant accounting consequences. Due to the economic hardships caused by the pandemic, many companies may find themselves in violation of one or more of their bank...
Read MoreIf your company has a foreign subsidiary or affiliate, at some point you will be faced with foreign currency transaction and translation adjustments. Do you know what each one represents and which financial statement(s) they impact? Do you understand how foreign currency adjustments should be...
Read MoreMany businesses have begun applying for forgiveness of their Paycheck Protection Program (PPP) loans, and Q4 of this year is when they will also need to decide how they will report the funds on their financial statements. It’s up to recipients of a PPP loan, whether forgiven or not...
Read MoreIt is nearly impossible to overstate the importance of organizational governance. After all, effective governance ensures accountability, drives organizational ethics and values, and enables your business to achieve objectives.While there are numerous highly reputed frameworks that address...
Read MoreNot-for-profit organizations receive contributions in many shapes and forms. Over the years, stakeholders have expressed concerns regarding not-for-profit organizations and their lack of transparency surrounding contributed nonfinancial assets, such as fixed assets, supplies, materials and...
Read MoreAs your entity, or any entity, begins the process of emerging from bankruptcy under a plan of reorganization, it’s important to determine whether fresh start accounting should apply to the new company. Fresh start accounting is where balance sheet items are adjusted to fair values and gives...
Read MoreThe Financial Accounting Standards Board (FASB) recently issued new guidance to simplify the accounting rules for convertible instruments and contracts in an entity’s own equity. Though narrower than initially proposed, the changes will provide investors with more comparable information...
Read MoreGoing-concern issues are in the spotlight during the COVID-19 crisis as businesses continue to struggle. Accounting Standards Update (ASU) No. 2014-15, Presentation of Financial Statements — Going Concern (Subtopic 205-40): Disclosure of Uncertainties About an Entity’s Ability to...
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