Little GAAP Grows Up

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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

Read more here: Government Contracting

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Aronson LLC has been thinking ahead for its clients for more than 50 years. Aronson’s construction, real estate, government contracting, nonprofit, technology and private industry experts provide innovative audit, tax, and consulting services that help its clients move to the next level. From start-up to exit strategy, Aronson works with companies throughout the entire business lifecycle by proactively identifying opportunities and addressing challenges so that clients are able to focus on their core business. Aronson shows companies how to rethink everything to be more profitable, more competitive and better prepared for the future.

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