Litigation Activity Keeps Spotlight on Reporting of Foreign Financial Accounts

Katz,Sapper&Miller

With penalties including monetary fines and possible jail time, the Internal Revenue Service (IRS) and Department of the Treasury have shown how seriously they treat violations related to foreign financial account reporting. Considering such tough penalties, it is critical to understand who is required to file, what information is needed, and how recent cases could impact you

The 5 Keys to a Faster Financial Close

AccountingDepartment

A yearly financial close can be a laborious process that accounting and finance departments dread. It requires tracking down information from other departments, ensuring financials are accurate, and identifying/correcting errors.

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What are Days Sales Outstanding and How Can You Reduce Them?

AccountingDepartment

Small Business Advice and Tips small business bookkeeping small business tips small business accounting tips financial management financial accounting business collections financial reporting

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What Are Clean Financials and How Can You Get Them?

AccountingDepartment

We often hear prospective clients come to us explaining they are in need of clean financials. outsourced accounting services small business bookkeeping financial management financial accounting financial statements accounting analysis clean financials

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Quovo Raises $10M In VC Funding To Accelerate Growth

PYMNTS

Quovo, a data platform providing insights and connectivity for financial accounts, announced Wednesday (April 26) that it has raised $10 million in Series B funding. In a press release , the company said F-Prime Capital and Napier Park Financial Partners co-led the round and were joined by existing investors, FinTech Collective and Long Light Capital.

The CARES Act Provides Temporary Relief from CECL Standard

MarkFriedlich

The CARES Act (the “Act”) provides temporary relief from FASB Accounting Standards Update (ASU) No. 2016-13, Financial Instruments —Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.

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Private Companies: Are You on Track to Meet the 2022 Deadline for the Updated Lease Standard?

Marlogin,Winer&Evens

Updated accounting rules for long-term leases took effect in 2019 for public companies. Now, after several deferrals by the Financial Accounting Standards Board (FASB), private companies and private not-for-profit entities must follow suit, starting in fiscal year 2022.

Common Accounting Mistakes: Government Edition - Issue #11 What is GAAP?

SMBAccountant

Many small business government contractors are exempt from complying with cost accounting standards (CAS) and defined by the code of federal regulations (CFR). However, compliance with generally accepted accounting principles (GAAP) is required.

Standards Update: 10/30/20

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP).

How to report COVID-19-related debt restructuring

Marlogin,Winer&Evens

Recent guidance from the Financial Accounting Standards Board (FASB) confirms that short-term modifications due to the COVID-19 pandemic won’t be subject to the complex accounting rules for troubled debt restructurings (TDRs).

Specializing an Accounting Business: What and How?

PANALITIX

Specializing an Accounting Business: . Accountants are increasingly specializing in response to the commoditization of ‘traditional’ accounting services. Some Accountants will prefer to Stay Close to Accounting. Management accounting. Financial Accounting.

Standards Update 6/5/20

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP

Standards Update 5/20/20

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP

Standards Update: 12/17/19

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP).

Proposed Accounting Standards Update - In-Kind Contribution Reporting

Katz,Sapper&Miller

FASB Votes to Delay Effective Date for Major Accounting Standards

Katz,Sapper&Miller

Yesterday, the Financial Accounting Standards Board (FASB) voted to approve proposals to amend the effective dates for several major Accounting Standards Updates (ASUs). The FASB voted to issue final ASUs to amend the effective dates of the following ASUs

Standards Update: 5/29/19

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP). Below are select ASUs that were recently issued

FASB Proposes Delay in Effective Dates for Leases and Revenue Recognition Standards for Certain Entities

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (Exposure Draft) that includes an optional one-year delay in the effective date for certain entities in applying the new lease and revenue recognition standards.

Standards Update: 11/26/18

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP

Changes to Manufacturing Lease Accounting

Katz,Sapper&Miller

That means nearly all of these businesses will be impacted by the Financial Accounting Standards Board’s (FASB) update to the accounting standards for leases under generally accepted accounting principles in the United States (GAAP).

Accounting Update for Not-for-Profit Entities: Leases

Katz,Sapper&Miller

In February 2016, the Financial Accounting Standards Board (FASB) issued one of the most sweeping changes to generally accepted accounting principles in the United States (GAAP) – Accounting Standards Update (ASU) No.

New Deadline to Complete FBAR Filing for the 2016 Calendar Year

Katz,Sapper&Miller

person that has a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account may be required to report those accounts and balances to the Department of Treasury’s Financial Crimes Enforcement Network (FinCen Any U.S.

Standards Update: 2/27/18

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted (GAAP) in the United States. Below are select ASUs that were recently issued

Top 7 Requirements to Secure Ecommerce Funding (Hint: They’re Not What You Think)

xendoo

Since small or growing businesses are technically high-risk investments, banks and other financial institutions were reluctant to part with their cash to help eCommerce sellers. . of businesses without financial capital say it negatively impacts their profitability. .

Deadline to Complete the 2015 FBAR Approaching

Katz,Sapper&Miller

person that has a financial interest in or signature authority over a foreign financial account—including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account—may be required to report those accounts and balances to the Department of Treasury’s Financial Crimes Enforcement Network (FinCen). Any U.S.

FASB Formally Delays Effective Dates for Major Accounting Standards

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) has officially deferred the effective dates of new Accounting Standards Updates (ASUs) related to credit losses, leases, hedging, and long-duration insurance contracts with the issuance of ASU No. 2019-09, Financial Services—Insurance (Topic 944): Effective Date and ASU No. 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates

Trucking Carriers: Start Planning for the New Lease Accounting Standard

Katz,Sapper&Miller

In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. The Update represents the first comprehensive overhaul in lease accounting in approximately 40 years 2016-02, Leases (Topic 842) (the Update).

Significant Changes Coming for Financial Reporting of Not-for-Profits

Katz,Sapper&Miller

In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities

Standards Update: 8/22/19

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP). Below is a select ASU that was recently issued

KROST Welcomes New Principal – Evelyn Fernandez

KROST

Evelyn has over 15 years of experience in the public accounting profession, providing strategic advice and tax planning to her clients. Her expertise includes Foreign Bank and Financial Account (FBAR) reporting, foreign trusts, controlled foreign corporations, and passive foreign investment companies. Los Angeles-based CPA Firm, KROST CPAs and Consultants, welcomes Evelyn Fernandez, CPA, MST , as a new Principal.

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Tiger Global Leads $15M Funding in Nigerian Open Banking Startup Mono

PYMNTS

We wanted to build an app that could manage all our financial accounts in one place, but we couldn't find an infrastructure to support our use case and Plaid wasn't available in Africa, so we decided to build the Plaid for Africa, ourselves,” Hassan said in a blog post on Monday (Oct.

Standards Update: 2/25/19

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP). Below are select ASUs that were recently issued. This update covers ASU 2018-18, 2018-19, and 2018-20

How the New Revenue Recognition Standard Will Impact the Construction Industry

Katz,Sapper&Miller

The revenue recognition methodology for the construction industry will change with the adoption of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606). Topic 606 is effective for public companies for periods beginning after Dec. 15, 2017 and for most non-public companies for periods beginning after Dec. 15, 2018. Early adoption is permitted

Register for our Complimentary Webinar – The Future of Tipping and Service Charges

KROST

Join our restaurant accounting and consulting experts on Tuesday, May 4th at 10AM PT , they will provide a clear understanding of the differences between a “tip” and a “service charge.”

Fashion Brand Guess Data Breach Impacts Customer Info

PYMNTS

The information exposed in the attack included personal and financial information and affected around 1,300 people, according to information filed with Maine's attorney general. Guess , the U.S.-based

Leasing Standards Overhauled: An Overview of ASC Topic 842

Katz,Sapper&Miller

The deadline for private companies to implement the Financial Accounting Standards Board’s (FASB) new lease standard (ASC 482) is quickly approaching. Entities with leasing activities must begin assessing the new standard and determining the impact it will have, including the potential impact to debt covenants. Additionally, entities must ensure that they have strong systems and processes in place for the implementation of this new guidance

Revenue Recognition Changes Are Here. Is Your Manufacturing Company Ready?

Katz,Sapper&Miller

In recent years, the Financial Accounting Standards Board (FASB) received feedback that revenue recognition guidance was fragmented at best, confusing at worst. In response to this feedback, the FASB issued Accounting Standards Update (ASU) No. Generally Accepted Accounting Principles (U.S. This is significant considering revenue is the key measurement used to determine a manufacturing company’s performance.

Miller, Hooper, and Hogan to Present at 2018 McLeod CFO Conference

Katz,Sapper&Miller

The event, taking place July 24 at The Westin Nashville, will bring together financial leaders of the country’s top trucking and logistics companies to hear from prominent speakers in the financial, accounting, legal, and banking industries Katz, Sapper & Miller's Jason Miller, Randy Hooper, and Troy Hogan, with the firm’s Transportation Services Group, will present at McLeod Software’s second annual CFO conference.

FASB Provides Lease Concessions Guidance Due to COVID-19

Katz,Sapper&Miller

As companies adjust to their new normal under COVID-19 and most put revenue recognition accounting implementation in their rearview mirror, lease accounting arises once again as a hot topic.

Recognition of Breakage Revenue Under the New Revenue Recognition Standard

Katz,Sapper&Miller

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, as subsequently amended, which resulted in the most significant revision to revenue recognition standards that GAAP has ever seen. One significant impact from ASU 2014-09 relates to the recognition of breakage revenue

FASB Clarifies Scope and Accounting Guidance for Contributions Received and Contributions Made

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) recently issued Accounting Standards Update (ASU) No. 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made (ASU 2018-08) that clarifies and improves the scope and accounting guidance around contributions of cash and other assets received and made by not-for-profit organizations (NFPs) and business entities.

How Revenue Recognition Is Impacting Buy Here – Pay Here Dealers

Katz,Sapper&Miller

When the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, it represented perhaps the most extensive changes to accounting standards for revenue recognition ever. Experiencing a number of revisions and amendments since its issuance, the new guidance is effective for calendar years ending Dec. 31, 2018 for public companies and Dec.

Miller and Schuh to Present Lease Accounting Update at Iowa Motor Truck Association Member Webinar

Katz,Sapper&Miller

Jason Miller and Shane Schuh with KSM’s Transportation Services Group will present “Lease Accounting Update and its Impact on the Transportation Industry” to members of the Iowa Motor Truck Association on Dec. In this webinar conversation, Miller and Schuh will detail key changes brought about by the Financial Accounting Standards Board (FASB) Accounting Standards Update No. 15, 2018 and is the first comprehensive overhaul in lease accounting in approximately 40 year

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