Recent News & Blog / Audit
Reporting embedded leases
In 2016, the Financial Accounting Standards Board (FASB) published guidance that requires major changes to how leases are reported on financial statements. One area of the guidance that’s especially complicated relates to “embedded” leases. Updated guidance
Accounting for cloud computing arrangements
The costs to set up cloud computing services can be significant, and many companies would prefer not to immediately expense these setup costs. Updated guidance on accounting for cloud computing costs aims to reduce differences in the accounting treatment for these arrangements.
What qualifies as a “coronavirus-related distribution” from a retirement plan?
As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax.
Asset impairment is expected to hit 2020 financial statements
Some companies are expected to report impairment losses in fiscal year 2020 because of the COVID-19 crisis. Depending on the nature of your operations and assets, the pandemic could be considered a “triggering event” that warrants interim impairment testing.
Is it time to outsource finance and accounting?
Outsourcing may appeal to organizations that are currently struggling with mounting overhead costs during the COVID-19 crisis.
Revenue recognition and leases: FASB gives certain entities more time
Private companies and most nonprofits were supposed to implement updated revenue recognition guidance in fiscal year 2019 and updated lease guidance in fiscal year 2021.
Overcoming the challenges of remote auditing during the COVID-19 crisis
Many people are currently working from home to help prevent the spread of the novel coronavirus (COVID-19). Your external auditors are no exception. Fortunately, in recent years, most audit firms have been investing in technology and training to facilitate remote audit procedures.
COVID-19: A reminder of why cross-training your accounting staff is key
Imagine this scenario: A company’s controller is hospitalized for the novel coronavirus (COVID-19), and she’s the only person inside the company who knows how its accounting and payroll software works.
Benchmarking: Why normalizing adjustments are essential
Financial statements aren’t particularly meaningful without a relevant basis of comparison. There are two types of “benchmarks” that a company’s financials can be compared to — its own historical performance and the performance of other comparable businesses.
Adjusting your financial statements for COVID-19 tax relief measures
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, contains several tax-related provisions for businesses hit by the novel coronavirus (COVID-19) crisis. Those provisions will also have an impact on financial reporting.