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 ).

SPONSORED REPORT

States look to unclaimed property for revenue

This free report outlines the escheat process, common types of AUP, how different states are handling it and how companies can plan for potential audits and liabilities.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.