Accounting Updates are articles, tips or announcements regarding accounting and tax-related subjects that may affect or benefit your business or industry.

September 11, 2019

New reporting standards apply to nonprofits that are required by statute to have audited financial statements. Here are the three most significant changes included in the new rules: redefining net assets, clarifying liquidity disclosures, and presentation of expenses.

August 27, 2019

Cybersecurity issues are different for ERISA employee benefit plans than they are for other areas of your business. Therefore, your cybersecurity risk mitigation plan should be separate and distinct from your enterprise-wide cybersecurity plan, although it may align and integrate with other existing plans.

August 14, 2019

A new lease accounting standard has been issued which will change how leases are accounted for on balance sheets and financial documents. These changes affect all entities—including nonprofit organizations—that lease office space, vehicles and equipment such as copiers and phone systems.

July 30, 2019

When was the last time you closely examined your retirement plan’s internal controls? Strong internal controls are essential not only to ensure that your retirement plan remains in compliance with all regulatory requirements and plan provisions, but also to guard against fraud.

January 22, 2019

In our 2018 Tax Legislation Highlights, we focus on the tax law changes due to the Tax Cuts and Jobs Act and how they will apply to businesses and individuals.

August 28, 2018

On August 28, 2018, we will be hosting a CPE training during which attendees will gain an understanding of the history and implications of the U.S. Supreme Court’s decision in South Dakota v. Wayfair and how this case may affect businesses.

August 20, 2018

Nonprofits should be aware of new accounting standard: ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) which concerns revenue obtained from exchange transactions.

May 17, 2018

The FASB’s update requires “enhanced” information about your organization’s liquidity and timely access to resources. Two kinds of information are required; together, they can indicate the nonprofit’s ability to meet its cash needs for all the next year’s general expenditures.

May 3, 2018

Typically, third-party administrators handle the logistics of sending out participant communication and other employee benefit plan disclosures. But this doesn’t relieve you as the plan fiduciary from responsibility for understanding disclosure requirements and making sure they are met.

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