Accounting | Cash Management

Accounting May Become Less Complicated

Jun 12, 2019, 12:43 PM

(From Journal of Accountancy) In late May, the Financial Accounting Standards Board issued a standard that makes non-for-profits eligible for the private company alternatives on accounting for goodwill and accounting for identifiable intangible assets in a business combination. The standard will enable not-for-profits to recognize fewer items as separate intangible assets in acquisitions and to account for goodwill in a more cost-effective manner. This can make accounting less complicated and less costly for not-for-profits.