The Financial Accounting Standards Board (FASB) issued two updates to U.S. generally accepted accounting principles (GAAP) on January 16, 2014 based on proposed alternatives from the Private Company Council (PCC), an advisory board to the FASB. Both of these new standards have the potential to save private companies time and money come audit time.
The first and most exciting is the FASB Accounting Standards Update No. 2014-02, Intangibles-Goodwill and Other (Topic 350): Accounting for Goodwill. This update applies to all entities except for public entities, nonprofit entities and employee benefit plans. …read more
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