John Krizansky CPA

Posted in: Accounting & Assurance, Articles, COVID-19, Federal

Accounting Alternative for Goodwill Impairment Triggering Events

Under current generally accepted accounting principles (GAAP), goodwill must be tested for impairment when a triggering event occurs.  Companies and organizations are required to monitor and evaluate goodwill impairment triggering events, as they occur throughout the year. This presents challenges for entities with goodwill on their balance sheets, if they were shut down or incurred […]

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Rachel Smathers CPA

Posted in: Accounting & Assurance, Articles, COVID-19, Federal

OMB Compliance Supplement Addendum

The Office of Management and Budget (OMB) released an addendum to the 2020 Compliance Supplement on December 22, 2020. This addendum provides important updates to COVID-19 related federal funding and the impact to Single Audits. This addendum is effective for fiscal years beginning after June 30, 2019 (i.e. June 30, 2020 fiscal years and later). […]

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Anthony LaNasa CPA CFE

Posted in: Accounting & Assurance, Articles, Fraud

Skimming may sound small, but losses can be significant

  Skimming isn’t the biggest fraud threat for most businesses. The theft of cash receipts represents only 11% of asset appropriation schemes, according to the Association of Certified Fraud Examiners’ 2020 Report to the Nations. But with a median loss of $47,000, your business will likely feel the pain if it becomes a victim of […]

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Posted in: Accounting & Assurance, Articles, COVID-19, Federal, Resources, Tax

SBA Issues New PPP Guidance for Partnerships & Self-employed

The SBA recently (4/14/2020) issued a new Interim Final Rule that supplements the guidance for the Paycheck Protection Program (PPP) included in the first interim final rule issued on April 2. This new rule focuses on two areas that may  come into play when making a PPP application: Self-employment income of partners in a partnership […]

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Joseph Sbrocco CPA CGMA

Posted in: Accounting & Assurance, Articles, COVID-19, Federal

FASB Rules on Delays for Leases (ASC 842) and Franchisors (ASC 606)

FASB met on April 8, 2020, to address pressing issues stemming from the COVID-19 pandemic.  Specifically: Accounting Standards Codification (ASC) 842: Leases – One-year delay proposed for private companies and not-for-profit (NFP) entities ASC 606, Revenue from Contracts with Customers – Delay proposed only for franchisors that are not public business entities (PBE)   Proposed […]

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