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COVID-19 Relief: FASB Approves Delays in Certain Accounting Updates

The Financial Accounting Standards Board (“FASB”) is providing some relief to private companies affected by COVID-19 by approving a delay in the implementation of certain accounting standards. The FASB acknowledges that many non-public business entities rely heavily...

ASC606- Revenue Recognition Standards

The biggest accounting standards change since the implementation of the Sarbanes Oxley Act back in 2002 is hitting the accounting profession – a change to the revenue recognition standards. This new standard, known as Accounting Standards Codification (“ASC”) 606-...