Blog | Albin, Randall and Bennett - Part 2

Accounting for Automotive Inventory: LIFO, Specific Identification, & Valuation Method Considerations

As an automotive dealership, your inventory is your largest current asset, so properly measuring inventories against expenses and revenue is imperative. Key financial and operational decisions are made based on the information in your financial statements, forecasts, and projections, including decisions that help you manage shortfalls and overcome industry-wide obstacles. And properly accounting for automotive

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FASB ASU 2020-07: New Standard Addresses Nonprofit Gifts-in-Kind

On September 17th, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-07 on Topic 958, Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. The FASB ASU requires nonprofits to change their financial statement presentation and disclosure of contributed nonfinancial assets, or gifts-in-kind. The FASB issued the update in an effort

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A Construction Company’s Guide to Approaching Today’s Risk Management

As with all industries, the construction sector continues to realize the far-reaching effects of COVID-19 crisis. Now, more than ever, it’s imperative for a construction company’s risk management approach to be aggressive and proactive. With postponed and canceled projects, labor shortages, vendor and supply chain constraints, rising costs, and economic uncertainty, construction companies must carefully

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Best Places to Work in Maine 2020

Every year, spring brings exciting changes to Albin, Randall & Bennett.  Not only does it signify the end of tax season, but also the beginning of the annual Best Places to Work in Maine competition.  Best Places to Work in Maine is a survey competition used to determine which participants are the best Maine employers,

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