General Article Archives - Page 9
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 MoreDisaster Recovery
Originally published in The Cooperative Accountant, Summer 2021 Issue Too many companies aren’t prepared to handle a disaster or business continuity event. Rather than putting it off indefinitely, companies need to make an effort to get a disaster recovery plan in place. The list below offers a series of steps that can be taken to reinforce the ability to bounce back from anything that may become a disaster – whether it’s ...
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