by Accounting Web | Dec 3, 2020 | Articles, ASC 842, Lease Accounting
Summary provided by MaterialAccounting.com: Accounting professionals had to adjust as the COVID-19 pandemic collided with new lease accounting changes. From FASB’s newly proposed changes released in late October, the third item – Modifications Reducing the...
by Accounting Web | Sep 17, 2020 | Articles, Assurance, Auditing
The original article appeared in the Pennsylvania CPA Journal, the official publication of PICPA. This activity has necessitated a reassessment of our understanding of our clients’ business, industry, markets, supply chains and every sphere of impact on a financial...
by Accounting Web | Sep 8, 2020 | Articles, ASC 350, ASC 350-20, ASC 360, Fixed Asset Accounting, Goodwill Accounting, Impairment, Intangible Assets, PP&E (Property, Plant, & Equipment), US GAAP Accounting
Summary provided by MaterialAccounting.com: The pandemic disrupted regular operations for many businesses. This article explains how operations negatively affected by COVID-19 can test their assets for impairment. Among the many consequences of COVID-19, impacts such...
by Accounting Web | Aug 25, 2020 | Articles, ASC 350, ASC 606, Auditing, Impairment, Intangible Assets, Revenue Recognition, US GAAP Accounting
Millions of businesses have been closed, hoping and praying that the economic crisis is temporary. All levels of supply chain and distribution have been disrupted, creating havoc with inventories, equipment, and works in process. With few exceptions (grocery stores,...
by Accounting Web | May 20, 2020 | Articles, ASC 842, Lease Accounting
Summary provided by MaterialAccounting.com: FASB delayed the deadlines of implementing the new major lease accounting standards as a result of COVID-19. Even with this breathing room, companies need to prioritize ASC 842. In an act of relief for companies during the...