Financial Reporting: Understanding ASC 606

Financial Reporting: Understanding ASC 606

As part of its continuing efforts to restructure and simplify accounting standards, the Financial Accounting Standards Board (FASB) issued Accounting Standards Codification (ASC) standard 606 (ASC 606). ASC 606 is a framework that enables more consistent revenue...
Is Goodwill Accounting Broken?

Is Goodwill Accounting Broken?

From our friends at Investopedia, Goodwill is defined as an intangible asset that is associated with the purchase of one company by another. Specifically, goodwill is recorded in a situation in which the purchase price is higher than the sum of the fair value of all...