Governmental Accounting Standards Board (GASB) 101: Understanding Compensated Absences

By: Kimberly Price Everyone can love and appreciate the common employee benefit of compensated absences; however, it is common for employers to record a compensated absences balance based upon the termination liability and not based upon what the employee will utilize during their employment. The question then becomes how can this liability be more accurately […]

Construction Business Owners: Two Accounting Mistakes to Avoid

For construction companies, accounting involves more than just monthly bookkeeping. Contractors consistently manage a variety of projects simultaneously, each at different stages of completion, while also forecasting future projects. It’s important that their accounting practices be adaptable, multifaceted, and thorough. However, contractors frequently face financial reporting challenges, ranging from underperforming budgets to overlooked expenses.  Here are two […]

Outsourced Accounting & Restaurants: A Winning Combination

Many restaurants can’t justify the expense of bringing on a dedicated, full-time chief financial officer. While servers and staff handle inputting customer orders into the POS system, the responsibility for managing transactions in the restaurant’s accounting software typically falls on the general manager or the owner. However, maintaining accurate financial reporting often requires specialized accounting and […]

Accounting for Grant Restrictions and Grant Conditions 

regulatory accounting community banks

Being awarded a new grant is exciting news for any organization, but properly accounting for grant restrictions and conditions is essential to the accurate financial reporting of any organization. Here is what you need to consider: Determine whether the Grant is Conditional or Unconditional Are there performance barriers that need to be overcome prior to […]

OMB Rolls Out Updated Guidance Around Federal Awards

Back in October of 2023, the Office of Management and Budget (OMB) announced that they had planned to revise sections of their guidance for grants and agreements. Now, just five months later, a memorandum addressing the changes to the guidance on administering and managing Federal Awards in Title 2 of the Code of Federal Regulation […]

Safeguarding Integrity: The Importance of SOX Compliance

In the aftermath of major financial scandals that shook the global economy, the U.S. Congress enacted the Sarbanes-Oxley Act (SOX) in 2002 to restore confidence in the financial markets. The legislation introduced stringent regulations to ensure the integrity of financial reporting and corporate governance practices. While SOX compliance applies to all public companies, its significance is particularly […]

Hedge Accounting Rules are Changing…Again

During times of market volatility, hedging can be an effective way to counter changes in raw material prices, foreign exchange rates and interest rates. In 2017, the Financial Accounting Standards Board (FASB) issued updated guidance on hedging transactions. Additional guidance was issued in 2022 to clarify matters. Here’s an overview of the new accounting rules.  […]

Impacts of Adopting New CECL Rules

A new accounting rule for reporting credit losses became effective January 1, 2023, for small public companies, private companies and not-for-profits that extend credit. Although the changes primarily affect banks and other financial institutions, any company that has trade receivables, notes receivable, investments in held-to-maturity debt securities or contract assets could be affected. Large public […]

Benefits of Using a Lease Management Software Tool to Implement ASC 842

Lease Accounting Standard ASC 842

As the time frame for implementing the new lease accounting standard, ASC 842, is only a few short months away, it may be beneficial to look at some of the advantages of using a lease management software tool rather than relying on more conventional methods. Compliance with the new standard is the most important factor […]

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