Revenue recognition update presents challenges for contractors
Because the revenue recognition update is so broad in scope, it may mean significant changes for companies’ current revenue and financial reporting processes, especially in the construction sector.
Importance of the statement of cash flows
The statement of cash flows provides answers to the important question “Where did the money go?”
How to consider the potential impairment of long-lived assets during times of downturn
Current economic conditions for the energy sector may indicate that the carrying amount for a long-lived asset has become unrecoverable. In these circumstances, the asset becomes impaired.
Lease accounting update will affect balance sheets in all sectors
The update is significant for the financial reporting and compliance requirements it presents to businesses across all sectors.
Analyzing and Managing Cash Flow
Cash flow allows businesses to cover expenses or expansions, but for the construction industry, maintaining a strong cash flow can be especially critical and challenging.
How To Avoid Late Remittances
Employers who withhold employee salaries as contributions to benefits plans must act as timely and efficient stewards of these funds or risk fines from the U.S. Department of Labor.
Historic Preservation Tax Credit Program
The historic preservation tax credit program is designed to encourage developers to restore historic buildings of cultural and aesthetic significance for commercial and residential use.
Is your employee benefit plan compliant?
It’s more important than ever for employers to determine that their benefit plans adhere to Department of Labor and Internal Revenue Service regulations as these regulatory bodies have become better at identifying businesses that fail to comply with fiduciary responsibilities. That means more and more benefit plan administrators are being hit with fines that can total up to $1,100 a day.
What are the different types of financial statement services?
The term “audit” gets used liberally when businesses need to provide financial statements to outside parties, but an audit may not actually be what many businesses need to meet their financial requirements.
Are You Compliant with the Latest Data Security Standard?
The new Payment Card Industry Data Security Standards require businesses to update and improve security for payments.
Louisiana’s public entities must stay ahead of clarifications to Act 706
Those who are involved in financial reporting for a public or quasi-public entity in the state of Louisiana must be aware of Act 462 of the 2015 Louisiana Legislative Session which further amends Louisiana Revised Statute 24:513.
FASB looking to improve revenue reporting standards
In an effort to improve revenue recognition, the Financial Accounting Standards Board and International Accounting Standards Board recently released converged guidance for contracts with customers.