The Department of Health and Human Services (HHS) has distributed $178 billion to hospitals and healthcare providers on the front lines of the COVID-19 pandemic, thanks to the Provider Relief Fund established by the CARES Act back in March 2020. Throughout the crisis, cash was sent to various...
Read MoreMany companies have restructured or modified their outstanding debt arrangements during the COVID-19 pandemic — some for the first time ever. In recent months, the Financial Accounting Standards Board (FASB) has received many questions about how to apply the accounting guidance on debt...
Read MoreCOVID-19 has changed risk considerations and the way audit planning is conducted. But many smaller businesses issue reviewed, not audited, financial statements. If you are one of those companies, below are some changes you might expect as your accountants conduct year-end review procedures.1...
Read MoreDue to the COVID-19 crisis, many companies expect to report higher-than-normal write-offs of accounts receivable (A/R) in 2020 and possibly beyond. As year-end approaches, businesses need to review their A/R ledgers for stale, uncollectible accounts that should be written off and consider whether...
Read MoreMany private companies are struggling with how to apply the goodwill impairment model in today’s uncertain, volatile conditions. And although the Financial Accounting Standards Board (FASB) has changed and simplified the accounting model for goodwill several times over the past decade...
Read MoreAre you trying to determine whether your company has impairment concerns as a result of the pandemic or due to the economic environment in general? If so, did you know you might have to look at more than just the goodwill on your books, including looking at your non-financial assets — in...
Read MoreNobody enjoys having to deal with debt covenant issues, but, particularly in times like these, they can be common and can have significant accounting consequences. Due to the economic hardships caused by the pandemic, many companies may find themselves in violation of one or more of their bank...
Read MoreIf your company has a foreign subsidiary or affiliate, at some point you will be faced with foreign currency transaction and translation adjustments. Do you know what each one represents and which financial statement(s) they impact? Do you understand how foreign currency adjustments should be...
Read MoreMany businesses have begun applying for forgiveness of their Paycheck Protection Program (PPP) loans, and Q4 of this year is when they will also need to decide how they will report the funds on their financial statements. It’s up to recipients of a PPP loan, whether forgiven or not...
Read MoreIt is nearly impossible to overstate the importance of organizational governance. After all, effective governance ensures accountability, drives organizational ethics and values, and enables your business to achieve objectives.While there are numerous highly reputed frameworks that address...
Read MoreNot-for-profit organizations receive contributions in many shapes and forms. Over the years, stakeholders have expressed concerns regarding not-for-profit organizations and their lack of transparency surrounding contributed nonfinancial assets, such as fixed assets, supplies, materials and...
Read MoreAs your entity, or any entity, begins the process of emerging from bankruptcy under a plan of reorganization, it’s important to determine whether fresh start accounting should apply to the new company. Fresh start accounting is where balance sheet items are adjusted to fair values and gives...
Read MoreThe Financial Accounting Standards Board (FASB) recently issued new guidance to simplify the accounting rules for convertible instruments and contracts in an entity’s own equity. Though narrower than initially proposed, the changes will provide investors with more comparable information...
Read MoreIn response to COVID-19, many entities have reduced employee headcount to remain in business. As a result, it’s more important than ever to understand how to account for termination benefits. This includes carefully considering which types of benefits are being provided and the overall...
Read MoreIs your third party administrator (TPA) for your 401(k) plan a trustee or custodian? Do you know the difference? Often these words are used interchangeably but they mean something very different, and you should know the difference to ensure they are being represented properly in your plan...
Read MoreWith the COVID-19 pandemic being felt around the world, the impact on operations continues to be uncertain. For some businesses, their reputation, along with their goodwill recorded on the company balance sheet, may be impacted as well. The Financial Accounting Standards Board (FASB) has issued ...
Read MoreProfits interest awards are a flexible type of equity compensation used by limited liability companies (LLCs) and partnerships to incentivize exceptional performance. The Private Company Council (PCC) plans to meet in the coming months to discuss ways to simplify the accounting rules that apply...
Read MoreAs we all look to navigate the “new normal” brought about by COVID-19, it’s clear that figuring out the complexities of working during a pandemic will continue for the foreseeable future. Though we’re adjusting in real time, the degree of disruption, coupled by a mostly...
Read MoreAre you the fiduciary of your organization’s employee benefit plan? If so, do you fully understand what that means? More often than not, many don’t. But it’s important to know what is required of you as a fiduciary and of the company to avoid any potential pitfalls, and...
Read MoreIn December 2019, the Financial Accounting Standards Board (FASB) issued a new accounting standard that simplifies income tax accounting requirements in six unrelated areas that are costly and complex.The FASB issued the changes to remove specific technical exceptions to general principles found...
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