As a business owner, you can look to your balance sheet for answers to questions about your business’s financial health. One thing you may keep track of on your balance sheet is accumulated depreciation. But, what is accumulated depreciation? What is accumulated depreciation? Accumulated depreciation is the accruing depreciation of an asset. It is the […]
FASB deals with uncertainties from pandemic and election – Accounting Today
Financial Accounting Standards Board Chairman Richard Jones had to deal with the coronavirus pandemic just as he was starting the transition with immediate past chair Russell Golden, and now he is facing the uncertainty of the presidential election and what Congress might do with accounting standards. “I actually got to join in March and I […]
FASB deals with uncertainties from pandemic and election – Accounting Today
Financial Accounting Standards Board Chairman Richard Jones had to deal with the coronavirus pandemic just as he was starting the transition with immediate past chair Russell Golden, and now he is facing the uncertainty of the presidential election and what Congress might do with accounting standards. “I actually got to join in March and I […]
ASB proposal addresses auditing of fair value estimates of financial instruments
The AICPA Auditing Standards Board (ASB) proposed a standard Wednesday that would provide practitioners with more guidance on auditing management’s estimates of the fair value of financial instruments, including on the use of pricing services. Proposed Statement on Auditing Standards (SAS), Amendments to AU-C Sections 501, 540, and 620 Related to the Use of Specialists […]
Companies rethink the office, but they’re not ready to say goodbye
After years of growth, the accounting firm Wiss was ready for the final step in its transformation: a new headquarters. The grand opening party was in February. “We were so excited. All of a sudden, we go from a tired space to this brand-new space — high ceilings, open, airy,” recalled managing partner Paul Peterson, […]
9 tips for successful auditing of revenue recognition
FASB’s new revenue recognition standard and the coronavirus pandemic are presenting dual challenges for auditors of private company financial statements. The standard itself requires numerous new judgments, estimates, and disclosures that require close auditor attention to some of the most important metrics that their clients report. The pandemic makes auditing revenue recognition even more difficult […]
How to Fill Out Form 1099-MISC: The Ultimate Step-by-step Guide
The year 2020 has brought on a lot of new changes for business owners and individuals alike. One major change is a redesigned Form 1099-MISC, thanks to the comeback of Form 1099-NEC. Learn about the recent changes, how to fill out Form 1099-MISC, and where to send yours once it’s good to go. Form 1099-MISC […]
Leaders in accounting: Neither born nor made – Accounting Today
It’s an age-old question: Are leaders born, or made? For all too many accounting firms, the answer is neither. They simply happen by default, which may explain why so many leaders aren’t actually very good at leading. In full fairness, this problem is not restricted to the accounting profession. It’s true of most businesses (and, […]
Porsche Driven By Missing Accounting Executive Alan White Recovered In South Dallas – CBS Dallas / Fort Worth
DALLAS (CBSDFW.COM) – Dallas police have recovered the vehicle driven by missing accounting executive Alan White, but his whereabouts remain a mystery. For his family, each new day brings both heartache and hope. “When I first got that call, I just went and sat in a chair and cried like a 5-year-old,” says his brother […]
Fed opens up Main Street loans to smaller businesses
The Federal Reserve Board on Friday announced changes designed to make Main Street Lending Program loans available to smaller businesses and not-for-profits. Specifically, the board reduced the minimum loan amount on three of the five Main Street loan facilities from $250,000 to $100,000. To encourage provision of the smaller loans, the board waived transaction fees […]