New changes to the Federal Audit Clearinghouse data collection form
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Company Layoffs May Lead to EBP “Partial Plan Terminations”
Business owners need to be aware that significant employee layoffs may lead to unintended partial plan terminations. In our region, oil and gas companies could
How FASB’s new lease standard affects oil and gas companies
The Financial Accounting Standards Board has made significant changes to the way assets and liabilities arising from leases must be reported.
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.