Financial Reporting

February 29, 2016 

The Governmental Accounting Standards Board (GASB) has a new statement about how certain component units incorporated as not-for-profit corporations should be presented in the financial statements of the primary state or local government.

February 29, 2016 

“The new guidance responds to requests from investors and other financial statement users for a more faithful representation of an organization’s leasing activities,” stated FASB Chair Russell G. Golden.

January 31, 2016 

Businesses with employees or anyone who has contracted for more than $600 in work to a freelancer or subcontractor: you have until February 1, 2016, to provide the appropriate wage and income reporting form – a W-2 or 1099-MISC – to all recipients.

January 27, 2016 

Under Generally Accepted Accounting Principles (GAAP), defined benefit pension cost and postretirement benefit cost (net benefit cost) comprise several components that reflect different aspects of an employer’s financial arrangements, as well as the ...

January 22, 2016 

The CFO is trained to picture every detailed step when reviewing a process. The CFO foresees bottlenecks in operational activities few others are trained to find. As a result, the CFO brings a new level of clarity to software development, eliminating ...

January 22, 2016 

Internal controls over financial reporting and data security have leaped to the top of the list of compliance issues that cause sleepless nights for executives who prepare corporate financial information.

January 6, 2016 

The ASU on recognition and measurement will take effect for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. For private companies, not-for-profit organizations, and employee ...

December 30, 2015 

The GAAP Financial Reporting Taxonomy is a list of computer-readable tags in eXtensible Business Reporting Language (XBRL) format that allows companies to tag precisely the thousands of pieces of financial data that are included in typical long-form ...

December 30, 2015 

The IRS has issued a two-month extension for employers and issuers to provide individuals with forms reporting on offers of health coverage and coverage provided. The new deadline is March 31, 2016.

December 22, 2015 

When asked about the number of business systems managed, more than half the respondents (57 percent) said they manage between 3-5 systems. In fact, only 11 percent of those surveyed said they only manage their financial system.

December 22, 2015 

Each year, employers across the country realize that they need to adjust their payroll data after their final payroll run of the year. Here are three of the most common adjustments that can be avoided with just a little planning.

December 17, 2015 

The Portfolios provide a detailed description of the five steps corporations will need to employ in recognizing revenue and offer practical insight to professionals within corporations responsible for implementing and complying with the new standard.