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FASB Declines to Extend Nonpublic Lease Accounting Effective Date
Private companies and not-for-profits will not see further relief from the effective date of FASB's new lease accounting standard after the board voted unanimously Wednesday to reject a request for a two-year extension that was submitted by the Pennsylvania Institute of CPAs (PICPA). The current effective date for nonpublic entities is for fiscal years beginning after Dec. 15, 2021, and interim periods within fiscal years beginning after Dec.
Read MoreFASB Proposal Would Amend Interim Disclosure Requirements
The rules for interim disclosures in financial statements would change and be clarified under a proposal issued by FASB. Part of FASB's disclosure framework project for improving the effectiveness of disclosures in the notes to financial statements, the proposal issued Monday would: Add a requirement that the SEC removed in 2018 from Regulation S-X that requires disclosure at interim periods when a significant event or transaction ...
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 ...
Read MoreThe Importance of Returning to the Office After Remote Working
Remote working took most companies by surprise in early 2020. Finding a way to navigate expectations and work trends throughout the pandemic was unique for each company, primarily thanks to technological advances and innovation. Many companies have continued to support the trend of remote working because they believe it is a way to increase productivity while still allowing flexible schedules for employees. However, does it actually ...
Read MoreIs Your Accounting Ready for the Cloud?
Businesses of all sizes are turning to cloud-based solutions to assist in their accounting and finance functions. However, businesses may end up facing roadblocks down the line due to limitations in software. On the surface, these software platforms may appear efficient, but with problems ranging from inflexible processes to data accessibility and inadequate security, these platforms may end up costing more time and money than they ...
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