Material Accounting: Financial Accounting News & Resources

GASB Standards Effective Soon: Leases and Subscription-Based IT Arrangements

An overview of the new GASB standards, Statement 87 and Statement 96.

ASU 2021-03: Updated Guidance on Goodwill Impairment

Read about the updated guidance on goodwill impairment FASB implemented in March of 2021.

The Tangle of Intangible Assets and Business Combinations

Read about concerns related to intangible assets and business combinations.

FASB Proposes Changes to Topic 842 Risk-Free Discount Rate Practical Expedient

by Moss Adams | Jun 28, 2021 | Articles, ASC 842, Debt, Discount Rates, Lease Accounting, Trending

Summary provided by MaterialAccounting.com: This article explains FASB's new proposed changes to...

New Rules for Lease Accounting

by Wegner CPAs | Jan 11, 2021 | Articles, ASC 842, Lease Accounting, Trending, US GAAP Accounting

Summary provided by MaterialAccounting.com: The new rules for lease accounting will impact your...

Managing the Going Concern Risk in an Uncertain Environment

by CPA Journal | Jun 17, 2022 | Articles, Auditing, Debt, Going Concern, Loans

In Brief The worldwide COVID-19 pandemic has affected businesses of every size in every country, and the United States has been hit particularly hard. Many businesses are facing increasing doubts about their ability to continue as a going concern, and the decisions...

IRS issues revised audit technique guide for cost segregation analysis

by Accounting Today | Jun 14, 2022 | Articles, Assurance, Auditing, Depreciation, Fixed Asset Accounting, PP&E (Property, Plant, & Equipment)

The Internal Revenue Service issued a revised Audit Technique Guide last week to help examining agents evaluate the validity of cost segregation studies submitted by taxpayers to substantiate accelerated depreciation deductions.These far-reaching updates were needed...

A Guide to IRS Mileage Rates for 2022 Taxes

by Accounting Web | Jun 9, 2022 | Articles, Expense Accounting, Income Taxes

Internal Revenue Commissioner Charles Rettig announced on June 9th that there’ll be increases in the agency’s mileage rates for 2022 taxes, a decision that coincided with members of Congress surmounting partisan differences and clamoring for increases. The changes are...

Improving Audit Quality: Overview of ISQM 1, ISQM 2, SQMS 1, & SQMS 2

by GAAP Dynamics | Jun 7, 2022 | Articles, Assurance

Back in my day (gosh, that makes me sound old), audit quality wasn’t really a “thing.” Sure, we did what we thought were good audits, and occasionally they might get reviewed, either internally or by an external firm, but these peer reviews were always rather...

Lease liabilities return to pre-pandemic level as companies adjust to accounting standard

by Accounting Today | Jun 7, 2022 | Articles, ASC 842, Lease Accounting

Learn important information about lease liabilities and market changes according to a new report.

FASB plans new standards

by Accounting Today | Jun 2, 2022 | Articles, Lease Accounting

The FASB is planning for future accounting standards.