The Financial Accounting Standards Board (FASB) is the private institution responsible for promulgating accounting standards generally accepted in the USA (GAAP). In short, the FASB sets the standards that we all must follow when presenting GAAP-basis financial...
Current Expected Credit Loss (CECL)
Healthcare Worker Bonus – The Series
Healthcare Worker Bonus Update
Inflation Reduction Act and the Increase in IRS Resources
2020 Financial Accounting Standards Board (FASB) Update
2019 COLA Information
The 10 Biggest Changes Business Owners Need to Know about the 2018 Tax Reform
Securing Communities Against Hate Crimes (SCAHC) Grant Program
Trick or Treat – Letters From Taxing Authorities
Session Days Update
Accounting Standards Update (ASU) 2015-01 – Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items
Sep 1, 2017
In 2015, the Financial Accounting Standards Board (FASB) issued an ASU that eliminated the presentation of extraordinary items in income statements. The ASU has been in effect since 2016, but, in practice, we’re seeing that many entities are unaware of this ASU. In...
Proposed Nonprofit Accounting Standards Update (ASU)
Sep 1, 2017
The Financial Accounting Standards Board (FASB) has issued an Exposure Draft of a proposed ASU that may change how revenue is recorded by non-profit organizations. The accounting world has been turned upside-down recently, with revenue recognition accounting principle...
Accounting Standards Update (ASU) 2017-07 – Compensation – Retirement Benefits
Sep 1, 2017
The Financial Accounting Standards Board (FASB) has issued an ASU that will change how expenses are presented for companies that sponsor defined benefit plans. In short, ASU 2017-07 requires companies to present the service cost component of net benefit cost in the...
Accounting Standards Update 2017-09 Modifications of Shared-Based Compensation
Jul 5, 2017
Background: Stock compensation is a way companies can use equity to reward employees without sacrificing cash-on-hand. A stock option is a contract that gives the holder the right, but not the obligation, either to purchase (to call) or to sell (to put) a certain...
Accounting Standards Update 2015-17 Balance Sheet Classification of Deferred Taxes
Jul 3, 2017
Background: A deferred tax asset is recorded on the balance sheet when a business has overpaid taxes, or taxes have been paid in advance. These taxes are eventually returned to the business in the form of tax relief, which results in an asset to the company. A carry...