Category: Assurance

Assessing and mitigating key person risks

January 21, 2021 January 22, 2021 Accounting & Assurance Department Assurance key people, key person, risk, risk management

Is the success of your business tied to certain “key” people? Many startups, professional service firms and small businesses are at risk of losing a key person. Here are ways to identify and shore up this critical risk factor.

New law provides option to delay implementing the updated CECL standard

January 14, 2021 Tax Department Assurance, COVID-19 CAA, CECL, COVID-19, FASB

The current expected credit loss (CECL) standard has been delayed again. Under the recently enacted COVID-19 economic relief package, large public banks get a reprieve from implementing the updated rules.

Forecasting for 2021

January 13, 2021 January 14, 2021 Accounting & Assurance Department Assurance assurance, audit, balance sheet, forecasting, preparation, prospective income statement

Start off the new year right: Prepare your company’s prospective income statement, balance sheet and statement of cash flows.

FASB Extends Effective Date of Revenue Recognition and Leases Standards for Certain Entities

May 29, 2020 October 22, 2020 Eric Majchrzak Assurance ASC 606, financial statements, revenue recognition

The Financial Accounting Standards Board (FASB) voted Wednesday, May 20, 2020, to give private companies and nonprofit organizations that have not yet issued their financial statements an extra year to comply with the revenue recognition and leases standards. Why did FASB extend the effective date? The deferred implementation was based on feedback the FASB received[ … ]

Major Changes to the OMB Circular

October 28, 2014 April 14, 2015 Monica Barcelo Assurance

The U.S. Office of Management and Budget (OMB) released the new “Super Circular” in December 2013. The Super Circular consolidates and streamlines eight Federal regulations including OMB Circulars A-110, A-122 and A-133 into a single guide. The OMB’s and the Council of Financial Assistance Reform’s (COFAR) focus was to: Eliminate duplicative and conflicting guidance Focus[ … ]

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