The American Payroll Association is the national certification body for payroll specialists, representing more than 21,000 members. The association is for individuals responsible for processing company payrolls and provide them with knowledge, skills and expertise to become certified payroll professionals. There are two levels of certifications offered by The American Payroll Association: Fundamental Payroll Certification […]

It’s so mixed up.  More and more employees are working from home.  Programs like Zoom are helping us connect and pressing zillions of buttons on our telephone actually gets us transferred to the “right” person who is working from their home. What would we do without technology! Plexiglass screens are on everyone’s desk, or station.  […]

The Financial Accounting Standards Board (FASB) recently released a new accounting standard requiring additional disclosure information when reporting contributed nonfinancial assets on financial statements.  Accounting Standards Update (ASU) 2020-07, Not-for-Profit Entities (Topic 958): Presentation and Disclosure by Not-for-Profit Entities for Contributed Nonfinancial Assets updates the requirements and guidance on proper disclosure and presentation of contributed nonfinancial assets. What […]

The Sarbanes-Oxley Act of 2002 is a law passed by U.S. Congress on July 30, 2020 protect investors from corporate fraud. Also known as the SOX Act of 2002, and the Corporate Responsibility Act of 2002, it is enforced by the Securities and Exchange Commission and imposed strong penalties for non-compliance and gave job protection […]

Forensic accounting is a newer accounting specialty that has become more popular in the last several years but many professionals don’t have a strong understanding of what a forensic accountant does.  In this post, we will define forensic accounting and get a better understanding of this specialty profession. Forensic Accountant Defined The American Institute for […]

CPE is ongoing training for certified professionals to remain certified in certain fields. All accounting professionals certified as CPAs or CMAs need to complete a specific number of CPE credit hours every year in order to maintain their credentials. It is to force professionals to continuously update their knowledge of relevant information to improve their […]

Accounting professionals are bound to adhere to the rules of the organizations and professional standards of the accounting industry. Accountants have ethical responsibilities to different parties, both internal and external to the company, including clients, shareholders, firm, and company. The governing body of accounting, the AICPA, has established a set of principles outlining the major […]

A single audit is an audit of a federal award that is expended by state and local governments and non-profit entities.  The audit is performed to ensure that the entity expending the funds is following all of the rules and regulations of the award.  A federal award program must be audited if there has been […]

A corporate tax is imposed by the government on a business’s profit. The amount that is collected from corporate taxes is used as a source of income spent on the nation. The operating earnings of an entity are calculated by deducting expenses which include the cost of goods sold and depreciation from revenues. Afterward, tax […]

The COVID-19 pandemic has thrown many curveballs at the accounting industry, one of which is how to properly perform revenue recognition tests in accordance with the latest authoritative guidance while also adjusting testing for the pandemic environment.  FASB (Financial Accounting Standards Board) issued Accounting Standards Update (ASU) No. 2020-05, Topic 606 – Revenue from Contracts […]