XBRL is Almost Here

Audit

By Charles Oshurak

In December 2008, the Securities and Exchange Commission (SEC) approved the previously proposed rulings that will require public companies to file financial statements in an interactive data analysis format called Extensible Business Reporting Language (XBRL).  ... read more >

Endowments of Not-for-Profit Organizations (FSP FAS 117-1)

In 2006, the Uniform Law Commission (ULC) approved and recommended for enactment in all states the Uniform Prudent Management of Institutional Funds Act ... read more >

Transition to FASB Codification: Are You Ready?

Audit

By Mara Bruce

On July 1, U.S. accounting and reporting standards will undergo a major restructuring that hasn't occurred in over 50 years. The FASB Accounting Standards Codification will officially become the single source of authoritative nongovernmental U.S. GAAP. Are you ready?... read more >

The Malware Threat: How Secure Are You?

The use of malicious code (malware) to perpetrate financial fraud has risen at an alarming rate. In December of 2008, Sophos, a leading security software and hardware provider, published its 2009 Annual Security Threat Report. The report’s key finding was that in 2008, the United States surpassed China to become the number one source for malware attacks worldwide. This increase was largely due to the number of malware-infected computers and websites within the United States. [1]... read more >

Acquisition Opportunities Face New Accounting Guidance

Construction

By Joe Bruce

As many contractors continue to closely monitor raw material prices, headcount and homebuilder confidence reports, speculation continues on when we'll slowly crawl out of the recession. As potential buyers begin to seek targets, it is important to remember that FAS 141(R) will be effective for acquisitions dated on or after January 1, 2009. Joe Bruce explains what this means.... read more >

What's Your Interviewing IQ?

The fundamental premise of interviewing a prospective employee is to keep all questions pertinent. Here's a quiz to test your knowledge of which questions are ok to ask.... read more >

Is Cap and Trade Legislation a Disguised Tax Increase?

Tax

By Martin DiGiovine

On March 31, 2009, Reps. Henry Waxman (D-CA) and Edward Markey (D-MA) released a discussion draft of the American Clean Energy and Security Act of 2009 in the U.S. House Committee on Energy and Commerce. The proposed bill includes a “cap and trade” program in which the government will set a steadily declining ceiling on greenhouse gas emissions, then sell “credits” to energy producers in order to limit their greenhouse gas emissions... read more >

Plan Now for Changes That May Impact Your Dealership

Automobile

By Paul Matvey

Dealership bankruptcy - Considering bankruptcy for your car dealership?  Some general questions and considerations that you should address to structure your strategic plan.... read more >

IRS Strategic Plan Includes Increased Oversight of Exempt Organizations

On April 29, 2009, the IRS released its strategic plan for the years 2009-2013. One objective is to continue a “focused oversight of the tax-exempt sector.”  Schneider Downs provides an overview. ... read more >

Balancing Cost-Cutting Measures/Efficiency Efforts and Risk Management

In the current challenging economy, many businesses have been forced to implement cost-cutting measures and/or find efficiencies in order to survive.  Whether you are cutting costs through methods such as workforce reduction or seeking to reduce waste or gain efficiencies through process improvement techniques, you should not lose sight of the resulting impact on internal controls and risk management... read more >