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 […]

The Details on GASB 97

The Details on GASB 97

GASB 97: Certain Component Unit Criteria, and Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans (an amendment of GASB Statements No. 14 and No. 84, and a supersession of GASB Statement No. 32) Effective Dates Effective for fiscal years beginning after June 15, 2021 Overview Governmental Accounting Standards Board Statement […]

GASB Statement No. 96 Guidelines for Subscription-Based Information Technology Arrangements (SBITAs)


As the technology landscape continues to evolve at a rapid pace, accounting guidance for new technology is attempting to keep up. Remote work arrangements are becoming the norm, influencing entities to opt for cloud-based software subscriptions to accommodate for these changes. Existing Government Accounting Standards Board (GASB) standards have addressed software that is developed internally […]

New Audit Standards for Entities with Fiscal Years Ending after December 15, 2021

Tax planning for businesses

After a one-year delay in implementation due to COVID-19, auditors will be required to implement a new suite of audit standards intended to provide more transparency into the basis of the audit opinion and more closely align the reporting requirements of U.S. generally accepted auditing standards with those of the PCAOB and International Auditing and […]

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