Forensic accountants are routinely engaged to calculate damages when a personal economic loss is the result of a harmful act. In a legal setting, the individual harmed (the plaintiff) and the person who caused the harm (the defendant) are usually at odds regarding the amount of financial...

We tested whether the change from SFAS 141 to SFAS 141r/ASC 805 had any effect on restatements due to goodwill impairment. Our findings suggest that the implementation of SFAS 141r increased the likelihood of a financial restatement by 2.5 times. Board of Director and Audit Committee involvement...