Time Off Liabilities

Liabilities for unused time off mount as pandemic lingers During the pandemic, many employees have postponed using their allotted paid time off until COVID-related restrictions are lifted and safety concerns subside. This situation has caused an increase in accruals [...]

By |2021-04-30T11:23:30-04:00April 30th, 2021|Categories: Audit, Blog, COVID-19|Tags: , , , , , |Comments Off on Time Off Liabilities

Accounting for Business Combination

Accounting for business combinations If your company is planning to merge with or buy another business, your attention is probably on conducting due diligence and negotiating deal terms. But you also should address the post-closing financial reporting requirements for [...]

By |2021-04-23T12:48:46-04:00April 23rd, 2021|Categories: Audit, Blog|Tags: , , , , , , |Comments Off on Accounting for Business Combination

FASB 2021 Agenda

What’s on the FASB’s 2021 agenda? In December 2020, Richard Jones stepped up as chairman of the Financial Accounting Standards Board (FASB). After meeting with stakeholders in early 2021, Jones identified a list of high-priority projects that he plans [...]

By |2021-04-16T11:58:11-04:00April 16th, 2021|Categories: Audit, Blog, GAAP|Tags: , , , , , , |Comments Off on FASB 2021 Agenda

Reporting Profit Interest Awards

Reporting profits interest awards During the pandemic, cash has been tight for many small businesses, which may make it hard to attract and retain skilled workers. In lieu of providing cash bonuses or annual raises, some companies may decide [...]

By |2021-04-09T12:01:56-04:00April 9th, 2021|Categories: Audit, Blog|Tags: , , , , , , , , |Comments Off on Reporting Profit Interest Awards

Updated Guidance for Impairment Testing

Updated guidance for impairment testing: When to consider triggering events On March 30, the Financial Accounting Standards Board (FASB) published an updated accounting standard on events that trigger an impairment test under U.S. Generally Accepted Accounting Principles (GAAP). This [...]

By |2021-04-02T12:11:21-04:00April 2nd, 2021|Categories: Audit, Blog, COVID-19|Tags: , , , , , |Comments Off on Updated Guidance for Impairment Testing

Four Ways to Improve the Effectiveness of your Audit Committee

Audit committees face many challenges in 2021. As the economy rebounds from the COVID-19 pandemic, there are new dimensions to the oversight roles and responsibilities of the audit committees. Consider taking these following four steps to fortify your committee’s [...]

By |2021-04-20T17:14:17-04:00March 26th, 2021|Categories: Audit, Blog|Tags: , , , , |Comments Off on Four Ways to Improve the Effectiveness of your Audit Committee

How Auditors Assess Cyber Risks

Data security is a critical part of the audit risk assessment. If your financial statements are audited, your audit team will tailor their procedures to answer critical questions about cyber risks and the effectiveness of your internal controls. While conducting [...]

By |2021-03-22T12:59:54-04:00March 19th, 2021|Categories: Audit, Blog, Technology|Tags: , , , , |Comments Off on How Auditors Assess Cyber Risks

Business Highlights in the New American Rescue Plan Act

President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) on March 11. While the new law is best known for the provisions providing relief to individuals, there are also several tax breaks and financial benefits for businesses. [...]

By |2021-03-15T18:01:16-04:00March 15th, 2021|Categories: Blog, COVID-19|Tags: , , , , , , , , , |Comments Off on Business Highlights in the New American Rescue Plan Act

Why Private Equity & Venture Capital Fund Managers Should Care About Startup Accounting Changes: New Rev Rec, Lease Accounting & More

New Accounting Standards Codification (“ASC”) 606 and 842 apply to revenue from contracts with customers and accounting for lease arrangements. Private equity and venture capital funds do not generally have either revenue or leases running through [...]

By |2021-03-09T12:06:21-05:00March 9th, 2021|Categories: Audit, Blog, Misha Kelly|Tags: , |Comments Off on Why Private Equity & Venture Capital Fund Managers Should Care About Startup Accounting Changes: New Rev Rec, Lease Accounting & More

How to Work Remotely with Your Auditor

As many businesses are closed or are limiting third-party access due to COVID-19 surges across the United States, auditors will be less likely to visit in-person in 2021. Many services such as year-end inventory observations, management inquiries, and audit [...]

By |2021-03-12T15:24:58-05:00March 9th, 2021|Categories: Audit, Blog, Karissa Sternfels|Tags: , |Comments Off on How to Work Remotely with Your Auditor
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