Accounting


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A FASB statement will provide guidance on asset retirement obligations related to tangible long-lived assets, such as factories or storage facilities, that require expensive cleanup when decommissioned. The standard will focus on recognition and initial and subsequent measurement of liability, allocation of asset retirement cost and financial statement disclosures ( http://accounting.rutgers.edu/raw/fasb/project/aro.html ).

Businesses should test for impairment of the fair value of goodwill at least annually, says FASB, unless events or circumstances dictate more frequent appraisal. This tentative position emerges as FASB draws nearer to issuing final rules on business combinations ( http://accounting.rutgers.edu/raw/fasb/project/summ5101.html ; http://accounting.rutgers.edu/raw/fasb/project/buscomsumm.html ; http://accounting.rutgers.edu/raw/fasb/project/summ50901.html ).

PODCAST

What’s next for potential CPA licensure changes

A new model proposed by NASBA and the AICPA is designed with an eye on the future for newly licensed CPAs. The AICPA's Carl Mayes, CPA, provides background on the project and a look ahead to 2020.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.