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Accounting Considerations & Relief Extension for Public Companies in the Wake of COVID-19
Posted by David Lewin on Fri, Mar 27, 2020 @ 01:33 PM

The Coronavirus disease (COVID-19) pandemic has effected countless aspects of our daily lives and business, and accounting is no exception. Many companies will need assistance navigating the complexities of accounting guidance—particularly during these times of uncertainty and business and workflow disruptions. The COVID-19 pandemic will likely impact a variety of your accounting estimates and the application of current accounting guidance. It may also require your organization to perform a number of analyses and tests during an interim period that may otherwise have not been necessary. You will be required to create detailed memoranda and documentation to illustrate that the proper analysis supports the conclusions reached for your auditors and Q1 filing. We are here to help Securities and Exchange Commission (SEC) filers navigate and interpret the applicable accounting guidance during these ever-changing times, as well as aid with the preparation of technical memoranda and other documentation that you are required to prepare.

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Topics: goodwill, public company, Revenue recognition, David Lewin, intangible assets, ASC Topic 606, Coronavirus, COVID-19, sec filer, ROU assets, ASC 350, SEC extension

Changes Coming to Accounting for Implementation Costs for Cloud-Based Software
Posted by Paul Languirand on Wed, Sep 26, 2018 @ 05:43 PM

Cloud-based software has grown in prevalence, and many companies find it an effective way to reduce upfront capital investment in software and outsource the upkeep of those systems. As technology has advanced, systems available on the cloud have increased in their size and complexity. These more complex systems have begun to require significant implementation costs in their own right to configure and integrate.

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Topics: accounting, goodwill, Paul Languirand, FASB, Financial Accounting Standards Board, Testing for Goodwill, Cloud-Based Software

Testing for Goodwill Impairment Just Got Easier for Everyone
Posted by Robert Miller on Thu, Sep 21, 2017 @ 01:58 PM

All entities—not just private companies—will soon have a streamlined process for testing for goodwill impairment. The Financial Accounting Standards Board (FASB) recently released Accounting Standards Update 2017-04, Intangibles—Goodwill and Other (Topic 350)-Simplifying the Test for Goodwill Impairment (ASU 2017-04).

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Topics: goodwill, Tests for Impairment of Goodwill, goodwill impairment, FASB, Robert Miller, Testing for Goodwill

A Pushdown Accounting Proposal for All
Posted by Kristen Shepley on Tue, Jun 10, 2014 @ 09:20 AM

Pushdown accounting — the recording of a new basis in assets and liabilities in the stand-alone financial statements of a newly acquired subsidiary entity — has been addressed by the Securities and Exchange Commission (SEC), but the Financial Accounting Standards Board (FASB) has not previously provided guidance that would apply to all nonregistrants.

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Topics: accounting, pushdown accounting, goodwill, ASU, FASB

Goodwill Impairment Evaluation Adds a Flexible Twist
Posted by Kristen Shepley on Thu, May 17, 2012 @ 09:39 AM

Goodwill Impairment Testing can be Qualitative or Quantitative, but Your Business Should Have a Good Explanation for the Former

Goodwill by accounting standards represents the value of a business above and beyond just its financial and physical assets. Many times the business' intangible values are tracked as goodwill, such as the business' good reputation which generates sales by referral. Measurement of goodwill impairment is a two part test that measures the fair value of a Company’s reporting unit to the reporting unit’s carrying value.  The fair value of the reporting unit in the majority of cases is measured with a full-blown business valuation analysis.

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Topics: accounting, goodwill, Tests for Impairment of Goodwill, goodwill impairment, qualitative, methodology, step zero, FASB

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