Beginning in 2015, private companies will need to make an accounting election to either begin amortizing goodwill or disclose the election to continue the historical process of assessing goodwill through an annual impairment test.
In 2014, the FASB issued several new standards that will impact companies in future periods.
NEW GUIDANCE ISSUED In May 2014, the FASB and the IASB issued a new revenue recognition standard, ASU 2014-09, Revenue from Contracts with Customers or ASC 606, to provide a single comprehensive accounting model for all revenue arising from customer contracts.
Accounting and finance systems are essential to a Company’s ability to make key decisions and run the business on a day-to-day basis.
The FASB and IASB issued a revised Leases exposure draft on May 16, 2013, which would mark a significant change to the current accounting for lease transactions.