Financial Reporting


Two advisories from FASB will help entities implement new rules. One defines the “reporting unit” of an enterprise as a key element in testing for goodwill impairment resulting from an acquisition. A second release clarifies certain provisions for making the transition to two new standards—FASB Statement nos. 141, Business Combinations, and 142, Goodwill and Other Intangible Assets. ( www.fasb.org/eitf/eitfmain.html )

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Preparing the statement of cash flows

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