Manufacturing

Proposal for reform of proposed overtime rules

On March 17, 2016 Republicans in the House and Senate introduced the “Protecting Workplace Advancement and Opportunity Act”, in an attempt to reverse potential changes to the white-collar overtime exemption regulations of the Fair Labor Standards Act (FLSA). Proponents of the new bill cited concern over the possibility that the changes could lead to fewer […]

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What do the proposed changes to the Department of Labor Overtime Exemption Regulations mean for your business?

In 2014, President Obama instructed the Department of Labor to update the rules of overtime regulations. After taking into consideration the changes that needed to be made, the Department of Labor began to construct a new rule to raise the overtime threshold. The DOL plans to release the final rule later in 2016. Under the Fair […]

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FASB Update for Private Companies

In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-03: Intangibles – Goodwill and Other (Topic 350), Business Combinations (Topic 805), Consolidation (Topic 810), Derivatives and Hedging (Topic 815). The FASB issued this ASU to address concerns raised by The Private Company Council (PCC) as to how recent accounting […]

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FASB Issues New Lease Accounting Standards

On February 25, 2016, the Financial Accounting Stan­dards Board (FASB) issued its long-awaited new financial accounting and reporting stan­dards for leases, Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). Under development for a decade, Topic 842 will drastically affect the financial statements of many businesses by requiring them to report operating lease obligations as […]

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Red Flags And Warning Signs Of Employee Fraud And How To Prevent It

Far too often I hear employers say “not on my watch”, “it can’t happen here” or “we are like family” and far too often those same employers saw red flags or warning signs from employees and ignored them because of those misconceptions. The 2014 edition of the Association of Certified Fraud Examiners (ACFE) Report to […]

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