Acquisition Accounting Gets Leaner (and Nicer)

Under current accounting standards, private companies that enter into a business combination are required to record the assets acquired, including any intangible assets, at fair value. Any difference between the fair value of the assets acquired and the consideration paid is recorded as “goodwill”. As you are probably aware, the recently issued accounting guidance for intangible assets ASU No. 2014-02 gives private companies the option of amortizing such goodwill over 10 years (or fewer years,...

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Cybercrime: Will Your Business Insurance Protect You From Jesse James?

Insurance. We’re all familiar with personal, health and automotive coverage and what happens when we have too little coverage or discover too late that what we thought was covered was not as it seemed. However, the details of business insurance are often an after-thought—and typically only when a business or its daily operations have been compromised. Today, online advances have made work environments much more efficient, effective and productive. However, with the convenience and increased...

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Should You Direct IRA Funds to Charity?

Special tax breaks available to some retirees.

Time may be running out on a unique estate-planning strategy for retirees. Under a special tax-law provision, an individual age 70½ or older can transfer funds directly from an IRA to a qualified charitable organization while paying zero tax on the distribution. Such a “charitable rollover” also counts as a required minimum distribution (RMD) for tax purposes.

Currently, the charitable rollover break is scheduled to expire at the end of the year, so...

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Department of Labor: No penalty for failure to provide required notices under Affordable Care Act

My last blog discussed a requirement under the Affordable Care Act (ACA) for all employers to provide their employees with written notification about the health coverage options that are available through the health care exchanges (also known as marketplaces) that were created under the ACA. The notice was to be issued to all employees no later than October 1, 2013.

On September 11, 2013, the Department of Labor unexpectedly announced that there will not be any fines or penalties imposed for...

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Key Obamacare Provisions Are Delayed Until 2015

On Your Mark…Get Set…Wait…? The much discussed employer mandate provision of the Patient Protection and Affordable Care Act (the Act), also known as Obamacare, requiring  ‘large employers’ to provide full-time employees with affordable minimum essential healthcare has been delayed until 2015.  Previously under the Act, 'large employers' were required to comply with these requirements by 2014 or pay potentially steep penalties.  Many sources cite the delay in implementation to the simple fact...

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The Financial Reporting Nightmare is Over!

“Do we really need to report all this?  I have no idea what an ‘uncertain tax position’ means, or what relevance it has to my business and its financial statements.  Why do I need to consolidate a related party entity that owns the building of which my bank and I are fully aware?  I just acquired a competitor, and now you tell me I have to do a costly study to separate goodwill from other intangible assets?”  These can be common reactions from small and medium-sized businesses when they...

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FASB Issues Revised Exposure Draft on Leases

On May 16, 2013, the FASB (Financial Accounting Standards Board) and IASB (International Accounting Standards Board) issued a revised joint exposure draft (ED) on leases that, if adopted, would pose significant changes for both lessees and lessors.  As we informed our readers in December in our Accounting Insights Newsletter, the FASB was working on a revised ED on accounting for leases that was originally published in August 2010.  The primary difference between the original release in 2010 and...

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Special Delivery: May 2013

This month's Special Delivery includes:

 

Free E-Book...

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M&A Update: Spring 2013

As an independent member of the BDO Seidman Alliance, we are pleased to provide you with this informative update on the mergers and acquisitions climate.  If you have any questions, please contact one of the professionals in our Merger and Acquisition Services group by calling 440-449-6800.

M&A Activity Update  2012 M&A activity, remaining mostly flat compared to 2011, saw an increase of 1.1 percent in aggregate deal value and 3.5 percent in the number of closed deals, thanks in part to a surge...

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Free Offer Friday: Communication Strategies: Delivering the Right Message Throughout The FDA Approval Process E-Book

When a company ventures down the FDA approval process, they can expect to communicate with four key groups. These groups include regulators, the medical scientific community, the patient community and investors. Although each group differs, companies should ensure that the messages delivered throughout the process to each of these groups are accurate and consistent.In this e-book from our Life Sciences Group, we've laid out some tips on how to deliver your message throughout each step of the...

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