Hot Topics Article Archives - Page 16

Internal Auditors Move Toward Cloud

Published April 23, 2021

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 ...

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FASB Offers Goodwill Alternative for Private Cos., Nonprofits

Published April 22, 2021

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 ...

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IRS Explains Which Meals Qualify for Temporary 100% Expense Deduction

Published April 21, 2021

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, ...

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The Unbalanced Balance Sheet: Make Intangibles Count

Published March 31, 2021

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 ...

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Assessing Goodwill Impairment Amid COVID-19

Published March 29, 2021

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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