One of the four main financial statements you have to keep track of as a business owner is your balance sheet. Your balance sheet gives you insight into where your business stands financially. But, you won’t get an accurate picture of your company’s finances if you don’t keep up with balance sheet reconciliation. Read on […]
The Many Benefits of Accounting Advisers to Corporate Finance: Through COVID-19 and Beyond – FEI Daily
© undefined undefined/iStock/Getty Images Plus COVID-19 has caused an unprecedented health and economic crisis, and no industry is immune. While many company executives are consumed with understanding and responding to the effects of the pandemic on their global operations and business continuity plans, finance departments are exhaustively working to understand the accounting and financial reporting implications. […]
PPP forgiveness changes coming as Senate passes House bill
The U.S. Senate passed the House version of Paycheck Protection Program (PPP) legislation Wednesday night, tripling the time allotted for small businesses and other PPP loan recipients to spend the funds and still qualify for forgiveness of the loans. The bill passed in a unanimous voice vote hours after Wisconsin Sen. Ron Johnson initially blocked […]
FASB issues limited revenue recognition, lease accounting delays – Journal of Accountancy
FASB issued an update Wednesday that delayed the effective dates of its revenue recognition and lease accounting standards for certain entities in response to the coronavirus pandemic. The board issued an Accounting Standards Update that permits private companies and not-for-profits that have not yet applied its new revenue recognition standard to implement the new rules […]
FASB issues limited revenue recognition, lease accounting delays
FASB issued an update Wednesday that delayed the effective dates of its revenue recognition and lease accounting standards for certain entities in response to the coronavirus pandemic. The board issued an Accounting Standards Update that permits private companies and not-for-profits that have not yet applied its new revenue recognition standard to implement the new rules […]
How the CARES Act has affected business valuation
The coronavirus pandemic and the legislation designed to help employers during the crisis have added new challenges for professionals who perform business valuations. To help CPAs and other valuation experts meet those challenges, the AICPA on Tuesday issued a set of FAQs on how to adjust business valuations based on the Coronavirus Aid, Relief, and […]
Cannabis case challenges non-deductibility of expenses – Accounting Today
The Harborside case is not the first time that an entity specializing in the processing, sale or distribution of cannabis has challenged the constitutionality of Code Section 280E, but it is very likely the largest and the most closely watched case. And if the Ninth Circuit agrees with the appellant, it will ultimately be decided […]
What Are Bylaws, and How Do They Impact Your Organization?
When you create a business, there are a number of different requirements you have to keep track of. And if you form a corporation, you will have a couple of other responsibilities added to your plate, like establishing bylaws. So, what are bylaws? What are bylaws? Bylaws are legal documents that outline the rules, regulations, […]
Lessons for the accounting profession from the coronavirus – Accounting Today
While the coronavirus pandemic has accountants scrambling to safeguard their people and keep up with new client concerns and legislative updates, the crisis has also given the profession the opportunity to learn some crucial lessons that can only strengthen accountants’ roles in an uncertain future. We asked a collection of accounting’s thought leaders to share […]
Englewood accounting firm got $14M for businesses | Englewood Sun | yoursun.com – yoursun.com
ENGLEWOOD — As a financial first responder, Mark Knauf estimates his office helped infuse $14 million in successful loans into the Englewood area after the COVID-19 pandemic shut down small businesses in March. “There are stories about abuse of the loans during the first round, but I have stories of close to 100 businesses in […]