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What is More Beneficial for Professional Service Organizations: Accrual Basis or Cash Basis Financial Statements?

One of the most important decisions management of a professional service organization needs to make as it relates to their financial statements is the

Simplification of Accounting for Income Taxes – ASU 2019-12

The Financial Accounting Standards Board (FASB) issued ASU 2019-12 on December 18, 2019 based on recommended changes by stakeholders as part of the FASB’s
Audit
Christian Wheeler | 1.15.2020

Evaluating a Firm’s System of Quality Control

On December 17, 2019, the Public Company Accounting Oversight Board (PCAOB) voted to issue a concept release on a potential approach to revisit the PCAOB’s

Your Institution Received a Gramm-Leach-Bliley Act Finding in 2019 – Now What?

The Gramm-Leach-Bliley Act (GLBA) is a federal ruling that applies to all entities that collect consumer financial data, including institutions of higher

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Six Tips for Writing Effective Internal Audit Reports

You’ve successfully planned and executed your audit. Now, it’s time to communicate your findings to the client, board, or committee. Here are
Audit
Adam Goode | 10.22.2019

Reference Rate Reform

Regulators will no longer require panel banks to contribute to the London Interbank Offered Rate (LIBOR) post 2021. Contributing panel bank departures
Audit
John Sullivan | 10.17.2019

FASB Votes to Delay Leases, Hedging and CECL Effective Dates for Private Companies and Certain Other Entities

On Wednesday October 16, 2019, the FASB unanimously voted to delay the effective dates of three major Accounting Standards Updates (ASUs) for private companies
Audit, IFRS
Jeremy Ferkatch | 8.9.2019

Revenue Recognition: GAAP vs. IFRS: What this Means for Your Company

Accountants in America are currently under pressure to comply with Accounting Standard Update 2014-09, “Revenue from Contracts with Customers,”

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Delay in New FASB Standard Will Impact Financial Services

As we reported earlier, on July 17 the Financial Accounting Standards Board (FASB) voted unanimously to move forward with delaying the effective start
Audit
Adam Goode | 7.17.2019

Proposed Accounting Standard Update Would Delay Private Company Effective Dates for Leases, Current Expected Credit Losses (CECL) and Hedging Updates by One Year

On July 17, 2019, the Financial Accounting Standards Board (FASB) voted unanimously to move forward with delaying the effective start date for recent accounting

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