audit

More time: FASB delays long-term insurance standard … again

10/9/2020

The FASB issued simplified rules for reporting long-term insurance contracts in 2018. But insurers have struggled to make the changes during the COVID-19 crisis. As a result, the effective date has been postponed for a second time in less than a year.

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Gifts in kind: New reporting requirements for nonprofits

10/2/2020

Unscrupulous nonprofits sometimes use “gifts in kind” to mislead donors and boost their ratings. New accounting guidance aims to protect donors and legitimate charities by requiring greater transparency about these contributions.

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Why face-to-face meetings with your auditor are important

9/25/2020

It’s almost audit season for calendar-year entities. Will you be ready to participate in videoconferences with your auditor about current fraud risks?

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How to report COVID-19-related debt restructuring

9/18/2020

Attention, lenders! COVID-19-related loan modifications may be exempt from the complex accounting rules for troubled debt restructurings, if certain conditions are met. Does your bank qualify?

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On-time financial reporting is key in times of crisis

9/11/2020

Who cares if your financial statements are late? Lenders and investors are looking for reassurance that you’re doing OK in today’s unprecedented conditions. Procrastination may cause them to presume the worst.

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Promoting and reporting diversity

8/21/2020

Workplace diversity is a hot topic that matters to investors, employees and others. Now, Congress is considering legislation that would require public companies to be more transparent about boardroom diversity.

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3 steps to “stress test” your business

8/14/2020

Under stress? Here’s how you can help spot vulnerabilities and prevent your business from being blindsided in times of crisis.

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External audits offer many benefits to nonprofits

7/17/2020

Even if your nonprofit isn’t required to have an external audit, there are many good reasons to obtain this added level of assurance.

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Accounting for cloud computing arrangements

7/6/2020

Cloud computing is reshaping the storage of critical business information. But setting up these arrangements can be costly. Here’s the lowdown on new accounting rules that clarify how to account for these costs.

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Revenue recognition and leases: FASB gives certain entities more time

5/29/2020

Do you need more time to implement the new accounting rules on revenue recognition and leases? Good news: The FASB has approved one-year deferrals for certain entities.

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