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Environmental Liabilities Accounting vs. Asset Retirement Obligations under ASC 410-30
When faced with an obligation to restore a long-lived asset or the environment surrounding it to its original condition, the proper accounting treatment is dependent upon whether the obligation is an asset retirement obligation (ARO) or an environmental obligation...
FASB eases discount rate guidance for nonpublic lessees
The Financial Accounting Standards Board issued an accounting standards update Thursday in an effort to simplify the discount rate guidance for lessees that aren’t public companies, including private companies, nonprofits and employee benefit plans.The amendments in...
Asset Retirement Obligation (ARO) Accounting under ASC 410 and ASC 842 Explained with Example
Have you ever entered into an operating lease for a building, constructed leasehold improvements, and determined based on the provisions of the lease that you are legally obligated to remove the leasehold improvements at the end of the lease? If so, then you had an...
FASB decides not to delay leases standard for private cos., nonprofits
The Financial Accounting Standards Board voted Wednesday against deferring the lease accounting standard for a third time for private companies and not-for-profit organizations.The standard is set to take effect for nonpublic entities for fiscal years beginning after...
Internal auditors prepare for post-pandemic risks
Internal auditors are keeping a close eye on emerging risks as the COVID-19 pandemic continues, with cybersecurity at the top of the priority list.A new survey by AuditBoard, a provider of cloud-based audit, risk and compliance management technology, polled a group of...
Tips for Choosing Online Accounting Software
This article provides tips for choosing the best online accounting software for your business.