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An Overview of Goodwill

An Overview of Goodwill

by Material Accounting | Mar 29, 2022 | Articles, ASC 323, Equity Method, Goodwill Accounting, Impairment, Intangible Assets

What is goodwill? Goodwill is an intangible asset resulting from the purchase of an entity for more than its fair market value. The concept of goodwill is used when an entity is acquiring another entity. It is recorded when the buying price is more than the sum of the...
Accounting Trends in 2022: The Top Digital Trends Affecting Accounting

Accounting Trends in 2022: The Top Digital Trends Affecting Accounting

by Material Accounting | Mar 1, 2022 | Articles

Historically accounting has been a business function slow to adapt to changes and trends. Many of us did not expect to see a fully remote work environment in the accounting industry in our lifetime. However, recent technological advances are making an impact on every...
Recent Updates to ASC 606: Post-Implementation Review, ASC 805

Recent Updates to ASC 606: Post-Implementation Review, ASC 805

by Material Accounting | Jan 5, 2022 | Articles, ASC 606, Revenue Recognition, US GAAP Accounting

While ASC 606 Revenue from Contracts with Customers (ASC 606) has been effective for all companies with annual reporting periods beginning after December 15, 2019, the FASB’s post-implementation review (PIR) process and updates to other standards continue to cause...
Overview of FASAB (Federal Accounting Standards Advisory Board)

Overview of FASAB (Federal Accounting Standards Advisory Board)

by Material Accounting | Jan 5, 2022 | Articles, FASAB, Government Accounting

What is FASAB? The Federal Accounting Standards Advisory Board, or FASAB, is the body that regulates generally accepted accounting principles (GAAP) for the federal government and its entities. The board is comprised of nine members, three of which are from federal...

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