Category Archives: Accounting & Auditing
Are you prepared for a ransomware attack? If the answer is “no” – and it probably is – then now is the time to get ready. Ransomware attacks are on the rise, and every business is a possible target. Preparation and prevention are the keys to avoiding the dire consequences – the costs, leaks of […]
As the days get longer, the snow melts and flowers start to bloom, it can only mean one thing – employee benefit plan audit season is almost upon us. The upcoming season of audits of employee benefit plans with Dec. 31, 2021, year ends will be significantly different than in years past, as Statement on […]
Is the Build Back Better Act (BBB) going on a diet? President Biden’s $2.2 trillion spending proposal is showing signs that it’s too big to squeeze through the doors of the U.S. Senate, but advocates believe that losing a few pounds – er, dollars – is just what it needs to win final approval. The […]
On Nov. 10, the Financial Accounting Standards Board (FASB) considered a request for a further two-year delay in the effective date of ASC Topic 842, Leases, for entities which have not yet adopted the new standard. The board voted 7-0 to not provide an additional deferral of ASC 842’s effective date. With this decision, the […]
CPAs’ Focus on Ethics and Independence is Critical, Especially in Times of Change
By Richard Daisley, CPA
The past year has provided numerous examples of CPAs providing critical assistance to their clients, both from an attest and non-attest perspective. From assisting with Paycheck Protection Program (PPP) loan applications to helping with new accounting standard assessment and even staff augmentation services, CPAs have repeatedly gone above and beyond for their clients. However, when […]
Accountants and financial professionals are oftentimes called upon to advise businesses on major decisions. The valuation process of a business is a critical tool that can reveal how economic trends affect businesses and uncover areas of growth and/or vulnerability. Our introductory course, Basics of the Valuation of a Closely Held Business (BVA4), provides the perfect platform […]
The IRS has recently issued guidance in Revenue Ruling 2020-27 and Revenue Procedure 2020-51 regarding deductions for eligible PPP expenses. Audit ramifications are obviously of concern here. In our new webinar, PPP Loan Forgiveness Case Study: Form 3508S Analyzed and Explained (PPP8), our proven experts will explore the various Form 3508 series options available to request and […]
Right now, not-for-profits (NFPs) are considering the role of ASU No. 2018-08 (ASU 2018-08), Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, in the accounting for PPP loans. For example, NFP X received a PPP loan during 2020 and incurred and documented qualifying expenses in conformity with the PPP forgiveness provisions. At […]
On October 16, 2020, the SEC released an announcement that it adopted final amendments to Rule 2-01 of Regulation S-X, dealing with auditor independence. The amendments reflect updates based on observations that the SEC has made over several years and are expected to reduce time-consuming audit committee, management, and independent audit review of possible or […]
As we enter the final stretch of 2020, not-for-profits are grappling with two new contribution standards. The first standard is ASU No. 2018-08, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. While this standard was issued in 2018, many not-for-profits are still implementing its guidance related to distinguishing contributions from exchange […]
