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Goodwill impairment looks to have spiked in 2020

Goodwill impairments recorded by public companies declined in 2019, but the COVID-19 pandemic appears to have caused it to spike in 2020, based on early reports.

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GASB to fix gov’t reporting for compensated absences

The Governmental Accounting Standards Board is looking for feedback on a proposal to improve the guidance on compensated absences for state and local government employees, along with disclosure requirements.

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CMAs experienced fewer salary cuts during pandemic

Certified management accountants weren’t as hurt salary-wise by the economic downturn caused by the COVID-19 pandemic as non-CMAs, according to a new survey.

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House passes Biden aid with $1,400 checks; focus moves to Senate

The House passed President Joe Biden’s $1.9 trillion pandemic-relief plan, spanning $1,400 stimulus checks, enhanced jobless benefits and fresh funding for vaccines and testing. Also included: a minimum-wage measure with no prospects of passing in the Senate.

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Corporate-tax proposal in Senate stokes economists’ concern

A fresh initiative in the U.S. Senate to put a tax penalty on big companies as a way of forcing higher minimum wages prompted a skeptical reaction among economists including a top adviser to former President Barack Obama.

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PwC rolls out tax and accounting AI apps

PricewaterhouseCoopers is turning some of the digital tools it developed internally to train its staff into artificial intelligence products its clients can use in their finance departments.

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Treasury sees jump in stimulus payment fraud

The Financial Crimes Enforcement Network issued a warning about the widening range of scams involving Economic Impact Payments aimed at recipients of COVID-19 relief.

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