Investors and accounting professionals have warned the SEC against exempting small companies from the requirement to add interactive data to their financial statements using eXtensible Business Reporting Language (XBRL)…

In January 2019, the board of the International Organization of Securities Commissions (IOSCO) published a report intended to promote audit quality. This article explains the audit committee’s role and key findings from the…

A recent survey of financial professionals found that only 11% of executives are making use of artificial intelligence (AI) and over one-third of companies spend more time collecting data than analyzing it. This article discusses key findings…

Bank regulators have completed a rule that will allow banks to phase in the capital effect of the new credit losses accounting standard over a period of three years. This article summarizes what’s changing under the updated standard…

Public company auditors have been conducting test runs to help them add critical audit matters (CAMs) to the auditor’s report. This article explains the new Public Company Accounting Oversight Board (PCAOB) requirement…

The AICPA is taking steps to enhance the consistency of financial reporting between public and private companies. This article discusses a new omnibus auditing standard that will cover standards on related parties…

Tax season is just around the corner and it’s that time again to start preparations for your 2018 filing. Working directly with an accountant to help file your taxes is a great way to stay organized while ensuring you meet all federal and…

A Qualified Opportunity Fund (QOF) is an entity formed to invest in qualified opportunity zone property. These “Opportunity Zones” are designated by the state with the purpose of incentivizing investment via QOFs to…

The FASB continues to monitor how companies and their auditors are tackling the financial reporting ramifications of the major new provisions of the Tax Cuts and Jobs Act (TCJA). This article highlights major TCJA…

The FASB is in the early stages of a project to develop guidance for performance reporting. The goal is to make it easier for investors and securities analysts to understand from reading a company’s financial statements…

SEC Chairman Jay Clayton recently announced that a consideration to require or allow U.S. public companies to use IFRS is “not a focus” for him. His lack of interest contrasts with the “high priority” former Chair Mary Jo…

The 2017 Tax Cuts and Jobs Act created a credit for employers when they give qualified employees paid family and medical leave. This act is currently in effect for 2018 and 2019 and applies to businesses covered…

In August, President Trump tweeted in favor of a six-month reporting system to replace the three-month quarterly and annual filing requirements that U.S. public companies have followed for years…

In November, the Financial Accounting Standards Board (FASB) published an update to U.S. Generally Accepted Accounting Principles (GAAP) that gives community banks and credit unions until 2022 to apply…

In October, the FASB gave private companies long-awaited relief from the variable interest entity (VIE) guidance — one of the most complicated areas of U.S. GAAP. This article explains the consolidation rules and why private companies…

In relation to our first blog, “Understanding the New Rules Regarding Business Entertainment Deductions,” the IRS has since issued a notice with updated guidance on the expenses deductibility of meals purchased for entertainment…

If you’re a small business owner, being proactive is essential for growth. With the end of the year finally, upon us, there are quite a few things to consider and take inventory of before the New Year. That said; let’s take a look at the year-end…

Working from home has many wonderful advantages. Most days, you can work in your pajamas if you wish. Some at-home jobs mean that you can set your own hours, and all mean that you are free from the morning commute. No freeway…

2019 is the perfect time to boost your retirement plan since the IRS has announced new plan limits. These changes include increases for the 401(k), 403(b) and most government plans. In addition, it will produce benefits for many traditional…

In October, the FASB agreed to release for public comment a proposed amendment that would align the accounting for the production costs of TV shows with that for the costs of movies under U.S. GAAP. The existing guidance was…

Interpretive guidance that lets companies use good faith estimates to adjust for the income tax effects of the Tax Cuts and Jobs Act (TCJA) expires at the end of the year. This article describes the accounting rules for reporting income…

The SEC will soon require auditors to issue expanded reports for public companies. Some companies are having their accounting firms conduct dry runs on previous years’ financial statements to ensure compliance with the…

As the business owner of a profitable business, you may want to take some risk out of the picture but you’re not ready to sell the company to a third party. What are some other options? One often overlooked and underutilized…

During the first quarter of 2016, the Financial Accounting Standards Board (FASB) issued a new standard on leases. This move was intended to improve financial reporting, transparency and accountability. The new standards go into effect…

Many companies are running behind schedule in terms of implementing the updated accounting standard on leases. It goes into effect in 2019 for public companies and 2020 for private ones. This article explains why many companies are feeling flustered by 1) the unexpected volume of information needed to comply with the changes, 2) the lack of automated software options, and 3) ongoing revisions by the FASB…

The FASB is looking for public companies to participate in its study about the prospects of improving the guidance for aggregating business segments and the reportable segments process. This article explains investors’ concerns about the existing guidance and highlights two possible alternatives the FASB is considering to address these concerns…

SEC officials plan to update the interpretive guidance for estimating loan loss allowances to reflect the FASB’s updated credit loss standard, which goes into effect in 2020. The credit loss standard overhauls how banks and other financial businesses estimate the losses they expect to feel on souring loans and other financial products. This article explains what’s changing…