June 2020 Article Archives

What Does It Take to Move Your Business to the Cloud

Published on June 22, 2020

Moving your accounting and business applications to the cloud lets you and your employees access them from anywhere with an internet connection, including your own home, at any time. Working at home is no longer a luxury; it’s a necessity, and the ability to work from home is becoming more important all the time. But just how difficult is moving your business to the cloud? What does moving to the cloud require? Not very and not much. In fact, it might be easier to discuss what it doesn’t require. Here are some answers to a few common misconceptions about moving to the cloud.

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Homeland Security Warns Over "Wormable" Windows 10 Bug

Published on June 22, 2020

Homeland Security’s cybersecurity advisory unit is warning Windows 10 users to make sure that their systems are fully patched, after exploit code for a “wormable” bug was published online last week. 

The code takes advantage of a security vulnerability patched by?Microsoft??back?in March. The bug caused confusion and concern after details of the “critical”-rated bug were?initially published but quickly pulled offline. 

The exploit code, known as SMBGhost, exploits a bug in the server message block — or SMB — component that lets Windows talk with other devices, like printers and file servers. Once exploited, the bug gives the attacker unfettered access to a Windows computer to run malicious code, like malware or ransomware, remotely from the internet. 

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COSO Provides New Guidance on Risk Appetite

Published on June 22, 2020

Risk appetite plays an important role in organizational success and should be considered carefully by leaders as they make strategic decisions. 

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has published?new guidance?on risk appetite focusing on how organizations can promote risk appetite as a key factor in decision-making. 

“Risk appetite is a fundamental part of setting strategy and objectives, providing context as the organization pursues a given level of performance,” COSO Chairman Paul Sobel said in a news release. “What is important is to recognize that the choice of strategies and objectives requires an understanding of the appetite for risk. While most often an organization can adjust to take on more risk, there may be times where it needs to adjust the appetite, or perhaps even strategy, to accommodate a shifting business environment such as the one we are currently experiencing.” 

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AICPA Releases Info on Accointing for Forgivable PPP Loans

Published on June 22, 2020

The American Institute of CPAs has released some guidance on how to account for forgivable loans under the Small Business Administration’s Paycheck Protection Program. 

The PPP was included as part of the CARES Act that Congress passed at the end of March and provides SBA-backed loans to businesses to help them deal with the fallout from the COVID-19 pandemic and encourage them to retain their employees. The loans are forgivable if businesses keep their employees on the payroll for eight weeks. But the criteria and eligibility for the program and the loan forgiveness terms have been changing constantly. Congress passed changes to the program last week to give businesses more flexibility to use the funds, extending the period for when the loans must be used from eight weeks to 24 weeks or the end of the year, whichever comes first, and giving businesses up to five years instead of two to repay the loans. 

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FASB Defers Effective Dates of the New Revenue and Leases Standards for Certain Entities

Published on June 22, 2020

The FASB deferred by one year the effective date of the new revenue standard for entities that have not yet issued (or made available for issuance) financial statements reflecting the adoption of the standard. The FASB also deferred by one year the effective date of the new leases standard for private companies, private not-for-profit (NFP) entities and public NFPs that have not yet issued (or made available for issuance) financial statements reflecting the new standard. Early adoption is permitted for entities in the scope of both deferrals 

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