Financial Reporting


A FASB report de-emphasizes “new economy” considerations and recommends cooperation among national and international standard setters to improve business and financial reporting. Comments are due by July 1 ( accounting.rutgers.edu/raw/fasb/sr_new_economy.pdf ).

FASB plans to issue final statements in July on business combinations and intangible assets. The new rules likely will require a two-step impairment test for goodwill writedowns ( accounting.rutgers.edu/raw/fasb/project/buscomsumm.html ).

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In focus: Payroll

Providing payroll services that comply with ever-changing regulations and meet evolving employee and employer demands is no easy task. Paychex's Tom Hammond discusses common payroll considerations for CPA firms.