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FASB addresses contract assets, liabilities acquired in a business combination
Acquiring entities are required to measure contract assets and liabilities acquired in a business combination in accordance with FASB’s Topic 606 revenue recognition guidance, according to a new FASB standard issued Thursday. To eliminate diversity in practice, FASB issued Accounting Standards Update No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities From Contracts With Customers. The new standard requires an acquirer to account for revenue contracts acquired in a business combination in accordance with Topic 606 as if it had originated the contracts. The acquirer may assess how the acquiree applied Topic 606 to determine
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A Proper Accounting Of The Power Business
October 25, 2021 Timothy Prickett Morgan Big Blue might be preparing for the spinout of its Kyndryl managed services company, now slated for early November, and its new financial presentations, which we reviewed two weeks ago, but that task is not yet done and until it is we are still getting the same financial view of IBM in the third quarter of 2021 ended in June. It was not a particularly memorable quarter when it came to IBM Systems group. But it is looking like IBM is going to be able to pad a better 2022, with Kyndryl taking on
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Finance and Accounting Business Process Outsourcing Service Market 2021-2026 Size and Share, Recent Enhancements and Regional Analysis
Detailed study and analysis of the Global Finance and Accounting Business Process Outsourcing Service Market highlights new trends in the Finance and Accounting Business Process Outsourcing Service industry and provides companies with trading insights. This study helps manufacturers, suppliers and investors, CEOs to identify opportunities and business optimization strategies to improve their value in the global Finance and Accounting Business Process Outsourcing Service market. Provides important information for well-known companies that are one of the top performing companies. The report provides comprehensive coverage of existing and potential markets as well as an assessment of competitiveness in changing market scenarios. The
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The Bristol Press – New Britain’s Mugford & DiBella expands tax, accounting business with acquisition of Fasulo & Albini CPAs in Plantsville
NEW BRITAIN – Mugford & DiBella, LLC, has expanded its tax, accounting and advisory services to business clients through a recent acquisition agreement with Fasulo & Albini CPAs in Plantsville. “We are very pleased with this acquisition and how closely aligned our values, professionalism and commitment to customer service is,” said Brian DiBella, managing partner of Mugford & DiBella regarding the firms’ collaboration. “We’re incorporating their clients into our practice and basically growing our firm helping serve more clients.” Fasulo & Albini CPAs will retain and continue serving its individual clients as it joins the team at Mugford & DiBella.
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TELCOR announces POC and Accounting promotions | Business Achievements
TELCOR is excited to announce the promotions of Yesenia Lopez, revenue accountant; Matthew Peters, product specialist; Joy Plautz, senior QA analyst; and Charles Ralston, product specialist. Lopez joined the TELCOR RCS team in 2019 where she was responsible for leading new customers as well as training new employees on payment posting. As a strong team resource for the TELCOR billing service, she will utilize the skills learned as part of the billing team to the TELCOR accounting team as she works with the TELCOR product lines and its customers. Peters joined TELCOR in 2017 and has
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Unlocking better business outcomes with PEOs
To stay resilient during these unpredictable times and beyond, small business clients are looking for efficient processes and expert guidance to respond to the various challenges brought on by the COVID-19 pandemic. Attracting and retaining talent, managing a human resources department, onboarding new employees, administering payroll and other benefits programs can be difficult for small businesses to handle and requires in-depth knowledge of each topic. Offering clients the option to work with a professional employer organization can help increase overall efficiency and profitability by offloading the key administrative tasks necessary to running a business, and allowing them to refocus on
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Small business hiring slowed in September
While small businesses continued to add jobs in September, the pace of hiring slowed, according to a new report from payroll giant Paychex. The Paychex | IHS Markit Small Business Employment Watch, released Tuesday, indicated that the pace of small-business employment growth improved this summer, but monthly gains slowed considerably to 0.45% in August and 0.15% in September. Despite the slowdown, the Small Business Jobs Index component is approaching nearly 100, at 99.95. Hourly earnings growth increased to 3.68% in September, its fourth monthly increase in a row. At $29.68 in September, hourly earnings have improved by $1.05 from
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Private equity’s push into accounting
More than a few eyebrows were raised in August when the news broke that TowerBrook Capital Partners had struck a deal to purchase an ownership interest in EisnerAmper LLP, the first such deal between a private-equity concern and a top 20 accounting firm. The financial terms of the agreement were not disclosed, but EisnerAmper said it would use the capital invested by TowerBrook to fuel long-term growth plans. Because audit firms cannot be majority owned by non-CPAs, the deal split EisnerAmper into two entities — an attest firm owned by CPA partners called EisnerAmper LLP and a tax and consulting
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