Category: Audit

Audit

The Strategic Imperative for ESG Reporting by David E. Kolan, CPA


Posted on March 09, 2021 by David Kolan

Consumers’ passions to live more socially conscious, environmentally responsible lives has seeped deeper into the corporate world, where companies are now expected to address their impact on these societal issues with the same level of enthusiasm as its customers and investors. It is consequently no surprise that more than 90 percent of U.S. companies traded […]

How Can Borrowers Account for PPP Loans? by Whitney Schiffer, CPA


Posted on January 21, 2021 by Whitney Schiffer

As businesses and nonprofits close their books for 2020, those that received SBA-backed Paycheck Protection Program (PPP) loans must now consider how they will account for those funds on their end-of-year financial statements. Absent specific reporting requirements from the SBA or the IRS, borrowers can instead rely on technical guidance issued by organizations that include […]

UPDATED – Did COVID-19 Layoffs Trigger a Partial 401(k) Plan Termination? by Melissa Fleitas, CPA


Posted on January 12, 2021 by Melissa Fleitas

The Consolidations Appropriations Act of 2021, signed into law on Dec. 27, 2020, provides 401(k) sponsors with welcome relief from partial plan terminations that may have otherwise occurred in the wake of COVID-19-related workforce reductions. Background  Under longstanding IRS rules, businesses that lay off 20 percent or more of employees covered by a defined-contribution plan in a […]

Private Businesses Have More Time to Adopt New Accounting Standards for Leases, Credit Losses by Hector E. Aguililla, CPA


Posted on December 10, 2019 by Hector Aguililla

The Financial Accounting Standards Board (FASB) recently issued ASU 2019-10, extending the deadline for privately held businesses and not-for-profit organizations to comply with new accounting standards for recognizing leases and credit losses. Both standards were introduced in 2016 in an effort to improve financial reporting transparency and to provide readers of financial statements with a […]

Unique Revenue Recognition Challenges for Hospitals, Healthcare Providers Under New Standard by Melissa Fleitas, CPA


Posted on November 06, 2019 by Melissa Fleitas

The past two years have marked significant changes in the way in which businesses and non-profit entities, including hospitals, report their financial performance. Under accounting standards codification 606 (ASC 606), these entities must adopt new methods for recognizing the timing, amount and uncertainty of revenue from and expenses related to contracts with customers. While healthcare […]

How Can Real Estate Businesses Prepare for the New Model of Revenue Recognition? by Robert C. Aldir, CPA


Posted on November 10, 2017 by Robert Aldir

The new model for how businesses across all industries will need to recognize revenue from customer contracts in 2018 for public companies and in 2019 for nonpublic companies is a game changer. While privately held companies have an additional year to come into compliance, they must begin preparations now to account for the substantial changes […]

First Steps to Tackling the New Model for Revenue Recognition by Christopher Cichoski, CPA


Posted on July 20, 2017 by Christopher Cichoski

Businesses large and small and across virtually all industries face a perfect storm of financial reporting compliance challenges to contend with in the coming months. On the near horizon are the new revenue recognition standards, which go into effect for public companies, employee benefit plans and certain not-for-profit entities beginning after Dec. 15, 2017, and […]

FASB Announces New Methodology for Credit Loss Recognition by Robert Aldir, CPA


Posted on April 20, 2017 by Robert Aldir

The Financial Accounting Standards Board (FASB) recently issued a new standard for financial institutions and other businesses to follow when accounting for credit losses in financial instruments measured at amortized cost, including debt instruments, trade receivables, lease receivables, reinsurance receivables, net investments in leases, financial guarantee contracts and loan commitments. Accounting Standards Update No. 2016-13, […]