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...
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...
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...
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...
