The Financial Accounting Standards Board (FASB) has recently requested input from public companies on the topic of accounting for intangible assets and goodwill. Input is needed on the best accounting method for goodwill that is informational and useful to the investors while not being overly burdensome for the accountants. What is goodwill? Goodwill is an […]
Maintaining professional skepticism during all parts of the audit process is crucial and is required of those performing audits according to professional standards. Professional skepticism must be applied to all areas throughout the year, including planning the audit, performing the fieldwork and maintaining the on-going client relationship during the remainder of the year. What is […]
Rarely is there an accounting change that affects all companies and all industries, however Accounting Standards Codification 606 is one such change. Almost all entities within almost all industries will be affected by ASC 606 because of the changes in the disclosure requirements. Scope of ASC 606 ASC 606 specifically addresses the recognition of revenue from […]
Ask any employee the most important department in his or her company and you will likely receive a unanimous answer of “the payroll department!”. We all recognize the value of receiving timely and correct paychecks but most of us are unaware of the detail that goes into preparing payroll in accordance with company policy and […]
GAAP stands for Generally Accepted Accounting Principles and is the accounting standard used by the United States. The standard-setting board behind GAAP is the Financial Accounting Standards Board (FASB). IFRS stands for International Financial Reporting Standards and it is the accounting standard system used over 120 countries all over the world. The standards-setting board behind […]
Benjamin Franklin is often credited with saying “nothing is certain in life but death and taxes”. While this quote has been edited to include all sorts of silly sayings and puns, it can hardly be argued against, especially when it comes to taxes. Everyone is affected by taxes – they cannot be avoided! There is […]
It’s unlikely that you will ever come across anyone who enjoys paying taxes, much less preparing them! For those required to file corporate tax returns, the task can be even more challenging and unnerving that preparing their individual returns. The current tax environment is a complex one that changes regularly. Corporations have their own tax […]
For many employers, there are changes coming to the currently-offered Health Reimbursement Accounts (HRA) available to employees. For health plans beginning on or after January 1, 2020, there are three types of HRA plans available, depending on the size of the employer. The primary goal of the expansion of HRA opportunities is to provide flexibility […]
As we reach the end of 2019, companies may want to check out some of the following steps to maximize their tax strategies in regards to deduction and revenue organizing for the year. These steps differ upon the company’s intention – reducing taxable income or accelerating income. A company may want to reduce taxable income […]
Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. This subtopic provides guidance on which Cloud Computing Arrangement (CCA) implementation costs should be capitalized as an asset or expensed. ASU 2018-15 is applicable to public business entities starting in 2020 and all other entities in 2021. CCAs, in […]
