May 25, 2021
The estimated number of going concerns for the fiscal year 2019 fell to the lowest amount in 20 years, but the pandemic caused financial distress that could bring an end to this downward trend for the fiscal year 2020.
January 24, 2021
The FASB has changed and simplified the accounting model for goodwill several times over the past decade. Here is a closer look at the evolution of accounting guidance on goodwill impairment testing and an important distinction between judgment and hindsight when evaluating triggering events in this context.
January 22, 2021
The U.S. Department of Health and Human Services has made changes to the reporting timeline for the Provider Relief Fund Program in light of the recent passage of the Coronavirus Response and Relief Supplemental Appropriations Act.
October 29, 2020
Getting a letter from the IRS that your tax return is being audited may strike fear into the hearts of business owners. But the more you know about IRS audits, the better you might fare.
October 26, 2020
The Auditing Standards Board has issued a proposal that would revise its audit standards related to risk assessment. That could mean more audit procedures related to your company’s internal controls, cyberthreats, and other risk factors as your auditors assess your situation.
August 7, 2020
A meticulous approach to keeping business records can protect your tax deductions and help make an audit much less painful.
July 31, 2020
New guidelines have been applied to federal programs established due to the COVID-19 pandemic. As a result, many non-federal entities — including many health systems and hospitals — will, for the first time, be subject to single audit or other audit requirements established in the Uniform Guidance.
June 19, 2020
In response to the COVID-19 pandemic, the implementation deadlines have been deferred for the updated accounting rules for current expected credit losses (CECL), but only for certain entities.
December 13, 2019
The AICPA’s Accounting Standards Board voted to finalize a revised definition of “materiality” in its professional standards. Learn what’s changing and why.
November 15, 2019
The Securities and Exchange Commission has adopted a rule that would extend the “test-the-waters” provision of the JOBS Act to all companies with the hope that more will consider going public.
November 14, 2019
Equity-based compensation awards can help companies attract skilled workers and boost performance, although at a costly price. A rule change could bring welcome relief.
October 21, 2019
The FASB has approved proposals to delay the effective dates of its leases, credit losses, hedging, and long-duration insurance contract standards.
October 6, 2019
The FASB intends to give smaller financial institutions more time to adopt its new credit loss standard, but banks should not use this as an excuse to delay preparations for the accounting change.
September 13, 2019
The AICPA’s Auditing Standards Board unanimously voted to propose revisions to the audit standards on accounting estimates. Here’s a look at how and when estimates are used in financial reporting, and why the AICPA is revising its standards.
September 13, 2019
A good internal control system can help a company in critical ways, including accurate financial reporting and detection of financial misstatements.
August 14, 2019
The London Interbank Offered Rate is the most common reference rate in the global financial markets. But, by 2021, it will have been phased out in response to a series of scandals.
August 12, 2019
A new FASB proposal would delay new accounting rules for leases, credit losses on loans, long-term insurance contracts, and hedge accounting.
July 11, 2019
New guidance from the FASB means that nonprofit groups can use the same methods available to private companies for reporting goodwill and certain identifiable intangible assets after a merger or acquisition.
May 24, 2019
Many private companies are still unaware of the balance sheet impact of new lease accounting rules, including lease capitalization requirements, that go into effect starting in 2020.
April 15, 2019
The Auditing Standards Board is working on a project to amend its definition of “materiality” and address the subtle differences between the international standards and U.S. standards currently in use.
March 18, 2019
Audit committee best practices are part of a new report released by the International Organization of Securities Commissions in an effort to promote audit quality.
January 14, 2019
Community banks and credit unions will have more time before they’re required to apply the credit losses standard as a result of new FASB guidelines.
January 11, 2019
The FASB is in the early stages of developing guidance for performance reporting. The goal is to make it easier for investors and securities analysts to understand how a business works using a company’s financial statements.
March 29, 2018
With all the changes ushered in by the Tax Cuts and Jobs Act (TCJA), you might be concerned with how the new tax law will affect your company’s financial statements. You’re not alone, as this remains a highly debated subject among many CFOs, audit boards and CPAs.
December 6, 2017
Your annual audit should provide a valuable opportunity for management to reflect on past performance and plan for the future. It should be a collaborative effort between management, the board of directors (as applicable) and the CPA firm.
March 8, 2017
In January 2017, the Financial Accounting Standards Board (FASB) issued additional, revised guidance for goodwill impairment testing that is intended to make the process easier and less costly. The latest amendments, found in Accounting Standards Update (ASU) No. 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, establish a one-step process for testing goodwill for a decrease in value.
March 8, 2017
In early 2016, the Financial Accounting Standards Board (FASB) issued new guidance on accounting for leases. This guidance will have a significant impact on companies’ financial statements, as well as on the lenders, licensing bodies, and other third parties relying upon financial statement data.
April 13, 2016
As you look for opportunities to cut costs and improve profit, the question of where you can reduce salaries may arise. Co-sourcing internal audit and information technology functions may be an easy way for you to save money and improve your business’s risk management at the same time.
March 22, 2016
The Financial Accounting Standards Board (FASB) has issued its long-awaited update revising the proper treatment of leases under U.S. Generally Accepted Accounting Principles (GAAP). Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842), will affect companies that lease real estate, vehicles, construction and manufacturing equipment, and other assets.
January 4, 2016
The Financial Accounting Standards Board (FASB) recently issued an Accounting Standards Update (ASU) that streamlines the subsequent measurement of inventory, requiring that inventory be measured at the lower of cost and net realizable value. This guidance is a part of the FASB’s simplification initiative and, while not the goal of FASB, will more closely align with International Financial Reporting Standards (IFRS).