On December 1st, KnowFully Learning Group announced the acquisition of The Income Tax School, Inc. (“ITS”), a top-rated provider of training programs, continuing education courses, and certificate programs for individuals seeking to start or accelerate careers in tax preparation. Founded in 1985, KnowFully is committed to supporting its customers as they prepare for exams, take […]
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 […]
Are your receivables light this year? Have you been working inordinate hours during this new normal without seeing the expected profits? We understand. This course is for you. Its utility is twofold. Simply put, our panel of experts will focus on 2020 planning. The initial offering of Year-End Tax Update and Planning: Looking Back at […]
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 […]
Fraud: That age-old risk that just won’t go away. Especially in the COVID-19 Environment!
By Richard Daisley, CPA
Companies institute elaborate controls to prevent or detect fraud. We as public accountants devote a significant amount of effort on our audits toward preventing or detecting material fraud. For all that we do as a profession, the risk of fraud, and its potentially large impact, never go away. While we haven’t experienced another Enron or […]
In recent years, both the FASB and GASB have developed new leasing standards. While both standard-setters wrote their standards at essentially the same time and place, they came to different conclusions in certain key areas. However, one key area where both the FASB and GASB are in alignment is that to have a lease you […]
FASB Simplifies Accounting for Convertible Debt and Other Financial Instruments
By Richard Daisley, CPA
One of the more complex areas of financial reporting is accounting for convertible debt. Under current GAAP, there are 5 different accounting models which could apply, based on the facts and circumstances of the debt conversion feature. Each of these models have different accounting outcomes, ranging from the debt with the conversion feature being recorded […]
As entities with June 30, 2020 year-end reporting dates prepare their financial statements for the first time post the COVID-19 pandemic, they will need to address the many potential financial reporting issues which have arisen as a result of the economic fallout of COVID-19. The financial reporting implications of actions which entities have taken in […]
