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Internal Auditors Move Toward Cloud
Nearly a quarter of internal audit teams intend to implement cloud-based audit management or governance, risk and compliance software this year, according to a new survey. The report, by the Institute of Internal Auditors’ Internal Audit Foundation and the audit, risk and compliance software developer AuditBoard, surveyed 134 internal audit leaders and found that 22 percent of the respondents indicated they intend to implement ...
Read MoreFASB Offers Goodwill Alternative for Private Cos., Nonprofits
The Financial Accounting Standards Board released an accounting standards update that gives private companies and nonprofits an accounting alternative to decrease the complexity of performing a goodwill triggering event evaluation. Under current U.S. GAAP, goodwill needs to be tested for impairment when a triggering event happens that indicates that it’s more likely than not that the fair value of the reporting unit is less than ...
Read MoreIRS Explains Which Meals Qualify for Temporary 100% Expense Deduction
The IRS released guidance explaining when the temporary 100% deduction for restaurant meals is available and when the 50% limitation on the deduction for food and beverages continues to apply for Sec. 274 purposes (Notice 2021-25). Under Sec. 274(n)(1), a deduction for any expense for food or beverages is generally limited to 50% of the amount that would otherwise be deductible. However, the Consolidated Appropriations Act, 2021, P.L. 116-260, ...
Read MoreThe Unbalanced Balance Sheet: Make Intangibles Count
Change and uncertainty are a feature of our world alongside innovations in our fast-changing economy. Investments in new business models and intangible assets — such as brands, technology and customer relationships — are increasingly key to driving value creation as companies research new technologies, cultivate customer relationships, manage their workforce and more. But information related to these important assets is often limited ...
Read MoreAssessing Goodwill Impairment Amid COVID-19
In addition to the serious public health threat it poses, the COVID-19 pandemic has affected the current and future financial performance of many entities, with its impact showing on both projections of future cash flows and estimated earnings. As a result, goodwill impairment has been an area of increased focus when it comes to financial reporting since the onset of the pandemic. FASB also has ongoing projects that look not only to broadly ...
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