[Editor's Note: A&FP is pleased to share with readers this newly covered topic in the forthcoming ABA-published book, Anatomy of a Law Firm Merger, 3rd Edition.]
Introduction [abridged]
Due to unrecorded assets and liabilities, modified cash basis accounting provides insufficient balance sheet information for planning a law firm merger. To understand the true economic value each firm brings to the table, it is necessary to capture off-balance sheet items, as well as to ensure consistency of approach.
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