Is the New Goodwill Accounting Alternative Right for Your Company?

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In January, the Financial Accounting Standards Board (FASB) issued the first Accounting Standards Update (ASU) created specifically for private companies. Accounting for Goodwill: a consensus of the Private Company Council (ASU 2014-02), which simplifies the accounting for goodwill subsequent to a business combination, is an important change by the PCC. In the May-June 2014 issue of the VSCPA’s Disclosures magazine, Aronson accounting experts Bill Foote and David Semendinger offered a detailed analysis of this notable development, including:

  • The goodwill accounting framework under ASC 350 vs. the alternative under ASU 2014-02
  • Important considerations for private companies exploring this accounting alternative

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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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