Business Wisdom Blog

Monday, 10 January 2022

Planning for Inflation

Written by By John Pridnia, CPA, CGMA

COVID-19 has been a catalyst for countless sudden changes to everyday life. In addition to threats to physical health, financial wellness was a major pain point as millions lost their jobs, took pay cuts, or were forced to shutter their businesses for weeks on end. One issue that has certainly been expedited, if not catapulted by the pandemic is inflation – a topic most have heard discussed on the news, but one that many might not pay much attention to under normal circumstances. Coupled with factors like supply chain and manufacturing issues, inflation is quickly becoming something that affects us all – from consumers to business owners...

Monday, 03 January 2022

Robust internal controls are essential today

Written by Thomson Rueters

Abstract: Internal controls have been a hot button issue during the COVID-19 pandemic, especially as remote working arrangements have become more common. Many companies spent significant time assessing and improving internal controls in 2021 — and this audit season, auditors are likely to conduct additional inquiry and testing procedures related to internal controls. This article discusses the importance of evaluating internal controls over financial reporting. 5 Components A solid system of internal controls translates into more reliable financial reporting and can help companies prevent, detect and correct financial misstatements...

Published in Audit & Assurance
Monday, 03 January 2022

Update on segment reporting disclosures

Written by Thomson Rueters

Abstract: In December 2021, the Financial Accounting Standards Board (FASB) wrapped up its discussions about what companies would be required to disclose in a future standard about operating segment expenses. This is a topic that accounting and finance professionals have been monitoring with bated breath. A proposal is planned for the second quarter in 2022.  Changing the rules The upcoming proposal aims to provide more detailed disclosures about key expenses that CEOs and other operating chiefs typically see involving a company’s core profit making units...

Published in Audit & Assurance
Monday, 03 January 2022

New report highlights high-risk areas in financial reporting

Written by Thomson Rueters

Abstract: In October 2021, the PCAOB published a report that highlights common areas of audit deficiencies for public companies. Private companies face similar challenges when reporting their financial results. Internal accounting personnel and external auditors can use this report to identify high-risk areas in financial reporting that may warrant additional attention. This article identifies top areas of concern and key takeaways...

Published in Audit & Assurance
Monday, 03 January 2022

Eye on non-GAAP measures

Written by Thomson Rueters

Abstract:   Public entities and many private ones follow U.S. GAAP for financial reporting purposes. But some may use non-GAAP metrics in their disclosures and press releases or when applying for financing...

Published in Audit & Assurance
Monday, 03 January 2022

Are companies disclosing enough information about workforce costs?

Written by Thomson Rueters

Abstract: Investors consider workforce investments a necessary part of creating long-term shareholder value. A large investor group recently sent a letter to the FASB, requesting that a standard-setting project on reporting workforce costs be added to the technical agenda. This article explains why investors want more detailed information on workforce costs and how companies can expand their disclosures to provide greater transparency. A sidebar highlights the reason the FASB unanimously voted against delaying the updated lease accounting rules for a third time for private companies...

Published in Audit & Assurance
Wednesday, 22 December 2021

Michigan Governor signs SALT cap workaround

Written by The Rehmann Team

On Monday, Dec. 20, Michigan Gov. Gretchen Whitmer signed HB 5376, allowing eligible owners of pass-through entities to have the pass-through entity pay Michigan taxes at the entity level, and then receive a refundable credit on their own tax return for their share of the entity level Michigan tax paid. For individual owners, the new provisions provide relief from the federal income tax $10,000 SALT cap in place at the federal level...

Published in Tax

With inflation dominating conversations, employers dealing with labor shortages and supply chain issues, and evolving legislative action coming out of Washington, D.C. that includes myriad implications for businesses and families, this is a year-end like no other. Inflation in particular is a growing concern for individuals and businesses alike – it climbed by 4...

Published in Business Consulting
Tuesday, 07 December 2021

Webinar | Empowered Planning: Preparing for Your Year Ahead

Written by The Rehmann Team

Visit our Year-End Planning Hub for more resources   With inflation dominating conversations, employers dealing with labor shortages and supply chain issues, and evolving legislative action that includes myriad implications for businesses and families, this is a year-end like no other. Listen now on demand for year-end planning and positioning strategies you and your business can benefit from in the coming year – and beyond...

Published in Tax
Wednesday, 24 November 2021

Prepare now for potential tax changes outlined in the Build Back Better Act

Written by Tracy Marrin, CPA

Visit our Year-End Planning Hub for more resources By Tracy Marrin, CPA, Principal The Build Back Better Act was passed by the House of Representatives on Nov. 19 and now sits with the Senate for the next steps in the legislative process. If passed into the law, this bill will provide for new social spending initiatives, green energy incentives, and the extension and expansion of tax credits aimed at helping middle- and lower-income taxpayers. The bill is pared down from its original version and many of the initial tax law changes were removed...

Published in Tax
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