Will DeClercq, Author at Riverview Accounting and Advisory

Conquer 2024 Taxes: Your Simplified Ohio Small Business Guide

Navigating the Tax Season with Confidence and Clarity For small business owners in Ohio, tax season can often feel overwhelming. But with the right preparation and expert advice, it’s a challenge you can meet head-on. This guide is designed to simplify your tax process, helping you approach it with confidence and ease. Understanding Ohio’s Tax…

Goodwill Impairment in Private Company Acquisitions

Goodwill Impairment in Private Company Acquisitions During the past several years, acquisition activity has been occurring at a rapid pace. The low-interest rates of 2021 fueled a record number of transactions, and even though 2022 saw a drop in this activity, due at least in part to increasing interest rates, S&P reports that M&A activity…

Standard Costs and Inventory Adjustment in an Inflationary Period

Navigating Standard Costing During Inflationary Times: The Importance of FIFO-Build Inventory Management Standard costing is typically used by companies to keep cost accounting consistent for management decision making. By keeping inventory costs at the same point during a period, it’s easier to isolate and address other variable costs within the production cycle. This is especially…

Paying Rent in Advance on Operating Leases After the Adoption of ASC 842

Accounting Standards Codification (“ASC”) 842 Leases has been one of the more sweeping changes to US GAAP in recent years. Companies have spent thousands of hours and dollars to stay compliant for financial reporting. Regarding operating leases, one of the most noticeable changes to the balance sheet other than the right-of-use (“ROU”) asset and…

Transitional Accounting for Capital Leases Upon Adoption of Topic 842 Leases

Topic 842 Leases (“842”) has been one of the more sweeping changes to US GAAP in recent years. All public companies and most private companies have already adopted the guidance. December 31 year-end private companies will produce their first set of financial statements with the updated disclosures for the year ended December 31, 2022.…