Remote Work & Technology – Tools for Success

Remote Work & Technology – Tools for Success

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)…

 New NPA Accounting Rules for Gifts-in-Kind

New NPA Accounting Rules for Gifts-in-Kind

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…

 Checklist for Successful Client Evaluation

Checklist for Successful Client Evaluation

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…

 3 Targeted Lease Accounting Changes

3 Targeted Lease Accounting Changes

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…

 New Guidelines for Debt Modifications & Restructurings

New Guidelines for Debt Modifications & Restructurings

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…

 New Federal Lease Accounting Guidelines

New Federal Lease Accounting Guidelines

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…