Affluent Financial Services is a US Based CPA firm. Our core services include Financial Audits, CFO Services, Bookkeeping & Tax Services.
(301) 921 8585
Building and sustaining client relationships form the building blocks of any CPA firm, regardless of the modus operandi being converted to a digital platform in a world that witnessed a recent pandemic. The 3 pillars of relationship are Client service,…
Definitions of Unclaimed Property The U.S. laws govern unclaimed property disposition (for its all 50 states, along with the District of Columbia, Guam, Puerto Rico, and the Virgin Islands) and such property’s eventual conversion into state owned properties (mandated as…
In today’s world, Technology is an invincible factor for a successful work-from-home modus operandi by a CPA firm. To build a successful remote work system, here are the tips for efficiently utilizing “Technology” as a tool: Set up Correct Configuration(s)…
FASB has proposed a new alternative to assist NPA firms or Private company franchisors in sync with a new accounting standard. Under the same, such firms would need to provide additional information on the contributions of non-financial assets (Gifts-in-kind) that…
The AICPA Statements on Quality Control Standards (SQCS) require firms to establish policies and procedures for the acceptance and continuance of client relationships and specific engagements. These apply to a CPA firm’s accounting and auditing practice, as well as any…
Engagement letters often form the litmus test of Professional liability claims, where either the claims are accepted bona-fide or rejected altogether owing to the backend stress, time and effort and defense costs associated. In such scenarios, adopting and practicing strong…
FASB issued a proposal to improve 3 targeted areas of its lease accounting guidance, brought into the board’s visibility by public company stakeholders, and which, do not presumably impact the ongoing practices. The proposed amendments represent FASB’s commitment for timely…
FASB recently published borrower guidelines on accounting for debt modifications and restructurings, LIBOR and other challenges which have emerged from the financial market impacted by COVID, along with guidance on benchmark interest rates, forwards and options accounting, and implementation relief…
The Federal Accounting Standards Advisory Board (FASAB) and the Accounting & Auditing Policy Committee (AAPC) had released certain guidelines with regard to Federal entities, which mainly comprise: Accounting standards implementation Lease related amendments Advances from non-federal sources While the AAPC…
FASB Standards for Continuity in Recognition and Measurement FASB has proposed a new standard to increase accounting consistency for revenue contracts, where a customer has been acquired in a business combination. It requires an acquiring entity to recognize and measure…