The FASB has officially come out to clear the air on joint ventures and how they should be treating assets, liabilities and goodwill under U.S. accounting principles. Now, you must be wondering what all these accounting terms and jargons even mean? Well, don’t worry, we don’t know either!
But, one thing we do know is that it’s time we all start treating our joint ventures with a whole lot more care, love and attention. And, if you’re unsure of how to go about doing that, just follow these simple steps:
Step 1: Give your joint ventures some seriously cool names. “The Dynamic Trio,” “The Fabulous Four,” and “The Fantastic Five” are all great options.
Step 2: Assign roles to everyone in your joint venture. Make one person the “Chief Fun Officer,” another person the “Team Snack Manager,” and someone else the “Social Media Guru.”
Step 3: Remember to always high-five each other and celebrate even the smallest of victories. Made ten sales? High-five! Profits are up by 2%? High-five! Managed to not spill coffee on your shirt? Yep, you guessed it, high-five!
With these simple steps and a little bit of enthusiasm, your joint ventures will be thriving and prospering in no time! Just remember to consult FASB if you’re ever unsure about how to treat your assets, liabilities and goodwill with the utmost respect and care.
