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
)
NEWS
IRS sets start date for tax seasonThe IRS announced that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.
PODCAST
Why CPAs can’t wait on automation toolsWhat do accounting firms waiting on others to develop AI, automation, and data analytics tools have in common with a baseball fan sitting in a stadium filling with water at an exponential rate? The answer could determine your firm’s fate.