NSAC Happenings and Latest News - Page 29
Fall 2021 ACCTFAX
Originally published in The Cooperative Accountant, Fall 2021 Issue FASB ISSUES STANDARD TO IMPROVE A LESSOR’S ACCOUNTING FOR CERTAIN LEASES WITH VARIABLE LEASE PAYMENTS On July 19, 2021, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) intended to improve an area of the leases guidance related to a lessor’s accounting for certain leases with variable lease payments. During the ...
Read MoreTCA 2021 Small Business Forum
Originally published in The Cooperative Accountant, Fall 2021 Issue FASB Simplification Initiative Related to Income Taxes In recent years the Financial Accounting Standards Board (FASB) launched the Simplification Initiative to reduce unnecessary complexity in the various areas of accounting. The Simplification Initiative has resulted in several narrow scope changes to the accounting guidance while maintaining the decision ...
Read MoreTAXFAX Fall 2021
Originally published in The Cooperative Accountant, Fall 2021 Issue Employee Retention Credit The CARES (“Coronavirus Aid, Relief, and Economic Security”) Act enacted in March of 2020 provided various benefits for employers to retain their current employees amid the economic downturn of the pandemic. The Employee Retention Credit (“ERC”) was first introduced in this Act. In December of 2020, the ERC was ...
Read MoreComparing Two Lists or Datasets in Microsoft Excel
Originally published in The Cooperative Accountant, Fall 2021 Issue Many tasks that accountants and auditors perform require comparing two lists, or datasets, to find matching, non-matching, or missing values. Some of these tasks include bank statement reconciliations, general ledger, and account reconciliations. Auditors also compare lists or datasets for analysis to investigate anomalies or identify trends in data, as well as ...
Read MoreDon’t Get Victimized by a Cybercriminal
Friday at 3 p.m. An all-caps text is received from a bill-pay client. The client needs a contractor to be paid immediately so remodeling may continue at one of her restaurants in preparation for a much-publicized relaunch. With remodeling occurring at multiple locations, who can be surprised? An "emergency" distribution seems to happen every day. Just a quick text back telling the client to consider it done, make the ...
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