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ASU 2021-08 Accounting for Deferred Revenue: Frequently Asked Questions

By Audit, Financial Statement Audit, Financial Statement Review, Insights

In October 2021, the Financial Accounting Standards Board released Accounting Standards Update (ASU) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which clarifies how to properly account for deferred revenue in a business combination. This change was a long time coming after opposing views began to debate the proper treatment of deferred revenue after ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (also, ASC 606) went into effect.

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Small Businesses Urge Congress for Sales Tax Simplification and Uniformity in a Post-Wayfair World

By Insights, State & Local Tax, Tax Planning & Consulting

On June 14, 2022, the United States Senate Committee on Finance heard testimonies from small business owners, members of the U.S. Government Accountability office and members of the Streamlined Sales Tax Governing Board on the increasing complexity and cost of sales tax compliance since the U.S. Supreme Court’s 2018 Wayfair decision.

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Southeast Middle-Market M&A Newsletter Q2 2022

By Advisory, Insights, Mergers & Acquisitions

In the Southeast Middle-Market M&A Newsletter for Q1 2022, Bennett Thrasher’s Transaction Advisory Services leaders provide data and highlights for Southeast (Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, South Carolina and Tennessee) middle-market (total transaction value < $USD 500mm) M&A transactions, including volume, value and enterprise value multiples.

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