On October 16, 2020, the SEC released an announcement that it adopted final amendments to Rule 2-01 of Regulation S-X, dealing with auditor independence. The amendments reflect updates based on observations that the SEC has made over several years and are expected to reduce time-consuming audit committee, management, and independent audit review of possible or […]
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Two New Contribution Standards for Not-For-Profits
As we enter the final stretch of 2020, not-for-profits are grappling with two new contribution standards. The first standard is ASU No. 2018-08, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. While this standard was issued in 2018, many not-for-profits are still implementing its guidance related to distinguishing contributions from exchange […]
Fraud: That age-old risk that just won’t go away. Especially in the COVID-19 Environment!
Companies institute elaborate controls to prevent or detect fraud. We as public accountants devote a significant amount of effort on our audits toward preventing or detecting material fraud. For all that we do as a profession, the risk of fraud, and its potentially large impact, never go away. While we haven’t experienced another Enron or […]
Something the FASB and GASB Agree On
In recent years, both the FASB and GASB have developed new leasing standards. While both standard-setters wrote their standards at essentially the same time and place, they came to different conclusions in certain key areas. However, one key area where both the FASB and GASB are in alignment is that to have a lease you […]
FASB Simplifies Accounting for Convertible Debt and Other Financial Instruments
One of the more complex areas of financial reporting is accounting for convertible debt. Under current GAAP, there are 5 different accounting models which could apply, based on the facts and circumstances of the debt conversion feature. Each of these models have different accounting outcomes, ranging from the debt with the conversion feature being recorded […]
Three Considerations for June 30, 2020 Financial Reporting
As entities with June 30, 2020 year-end reporting dates prepare their financial statements for the first time post the COVID-19 pandemic, they will need to address the many potential financial reporting issues which have arisen as a result of the economic fallout of COVID-19. The financial reporting implications of actions which entities have taken in […]
The Truth About Working Remotely
Studies show that remote workers are more productive than their counterparts at the office. Though this finding may have seemed counter-intuitive to some before the new pandemic related normal of working from home, many companies are now embracing it and contemplating the large-scale reduction of expenses. Much to the vexation of commercial landlords, office supply […]
The New Yellow Book: The Must Read Thriller for Summer 2020
Perhaps I’ve over-hyped the title to this blog post a little by using the word “thriller.” However, if COVID-19 has relegated a planned summer vacation from a trip to the coast to wading in a backyard kiddie pool with your dog staring at you, you’re a little desperate for entertainment. Good news, since the new […]
Surgent’s Weekly Expert Hour
We are proud to announce the launch of a new weekly CPE series, The Weekly Expert Hour. Over the years, Surgent has gained a reputation for rapidly developing comprehensive and practical new courses for CPAs and other tax and financial professionals and delivering them almost immediately after new legislative, regulatory, or other changes occur. As the pace […]