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 ).

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These year-end tax planning strategies address recent tax law changes enacted to help taxpayers deal with the pandemic, such as tax credits for sick leave and family leave and new rules for retirement plan distributions, as well as techniques for putting your clients in the best possible tax position.

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