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Tuesday, 28 January 2020

PCAOB sheds light on CAMs

Written by Thomson Reuters

In fiscal year 2019, auditors of large public companies began to include so-called “critical audit matters” (CAMs) in their audit reports. Here are initial observations from the Public Company Accounting Oversight Board (PCAOB) about the effort that large audit firms have put into implementing the guidance for the first time.  Refresher on CAMs Auditing Standard (AS) 3101, The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion, represents a major change to the brief pass-fail auditor reports that have been in place for decades. The updated guidance requires auditors to add a discussion of CAMs to the audit report...

Tuesday, 28 January 2020

AUP engagements: No written assertion, no problem

Written by Thomson Reuters

The AICPA’s Auditing Standards Board (ASB) issued a revised attestation standard in December 2019. It will give accountants more flexibility when performing agreed-upon procedures (AUP) engagements. What is an AUP engagement? An AUP engagement is a type of limited assurance engagement in which a CPA performs specific procedures on a particular “subject matter” and reports the findings without providing an opinion or conclusion...

Tuesday, 28 January 2020

6 ways reporting income taxes just got easier

Written by Thomson Reuters

The Financial Accounting Standards Board (FASB) recently issued a new accounting standard that simplifies income tax accounting requirements in six unrelated areas that are costly and complex. Here are the details.  Updated guidance In December 2019, the FASB issued the changes to remove specific technical exceptions to general principles found in Accounting Standards Codification (ASC) Topic 740, Income Taxes. These items often produce information that investors have a hard time understanding...

Tuesday, 28 January 2020

Further Consolidated Appropriations Act, 2020 amends IRC Section 512(a)

Written by Jeff Hert, CPA

On December 20, 2019, H.R. 1865, “Further Consolidated Appropriations Act, 2020,” (the Act) was signed into law by President Trump. The Act retroactively amends IRC Section 512(a) by striking paragraph (7) which required nonprofit organizations to include expenses paid or accrued related to leased, third-party, or self-owned employee parking facilities, bicycle reimbursements, or commuter transportation as unrelated business income and pay 21 percent unrelated business income tax (UBIT)...

Wednesday, 22 January 2020

Tips for targeting your retirement savings goal

Written by Broadridge Investor Communication Solutions, Inc

What if you're saving as much as you can, but still feel that your retirement savings goal is out of reach? As with many of life's toughest challenges, it may help to focus less on the big picture and more on the details. Regularly review your assumptions Whether you use a simple online calculator or run a detailed analysis, your retirement savings goal is based on certain assumptions that will, in all likelihood, change. Inflation, rates of return, life expectancies, salary adjustments, retirement expenses, Social Security benefits — all of these factors are estimates...

Tuesday, 21 January 2020

Debt classification matters to healthcare companies

Written by Thomson Reuters

In September 2019, the Financial Accounting Standards Board (FASB) issued a proposal to simplify the classification of debt. Many healthcare organizations are concerned that the proposal, if approved, would distort their financial metrics and trigger debt covenants. In early 2020, the healthcare sector will get another stab at stating their case to the FASB. First exposure draft  Initial deliberations for the debt classification project began in 2014...

Tuesday, 21 January 2020

Clarifying the credit loss standard

Written by Thomson Reuters

Accounting Standards Update (ASU) No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, will change the way banks and other creditors report losses from soured loans. With the implementation deadline looming for most public companies, accountants have some lingering questions about the details of the updated guidance. So, in November 2019, the Financial Accounting Standards Board (FASB) issued narrowly drawn amendments to clarify five issues...

Tuesday, 21 January 2020

More companies to be exempt from auditor attestation of financial controls

Written by Thomson Reuters

The Securities and Exchange Commission (SEC) is moving full steam ahead on plans to finalize a controversial rule that would exempt more than 500 additional companies from the auditor attestation of financial controls. This attestation is required for most public companies under Section 404(b) of the Sarbanes-Oxley Act of 2002. Several large investor groups oppose expanding the exemption.  Overview Congress passed Sarbanes-Oxley in response to scandals at Enron, WorldCom and others that cost investors approximately $85 billion...

Thursday, 16 January 2020

New spending package includes sweeping retirement plan changes

Written by Forefield, Inc.

The $1.4 trillion spending package enacted on December 20, 2019, included the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which had overwhelmingly passed the House of Representatives in the spring of 2019, but then subsequently stalled in the Senate. The SECURE Act represents the most sweeping set of changes to retirement legislation in more than a decade. While many of the provisions offer enhanced opportunities for individuals and small business owners, there is one notable drawback for investors with significant assets in traditional IRAs and retirement plans...

Wednesday, 15 January 2020

Full season tax strategy

Written by The Rehmann Team

Are you exercising the right strategy in your tax game? Similar to an NHL season, tax preparation is the culmination of strategy and effort exerted not just during games but behind the scenes year-round. In both today’s competitive sports and the ever-challenging business landscape, there’s no such thing as “off season.” Proper preparation should be a focus throughout the year to make sure your game plan and execution are as effective as possible...

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