Odds are you may have children or grandchildren who are starting or who will soon be starting college. If they are certain as to their desired career path, they will choose their college and major accordingly. However, many do not know what they want to do when entering college, or, their first...
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Read MoreOn September 23, 2019, the U.S. Treasury Department and the IRS published final regulations amending the rules governing hardship distributions for both 401(k) and 403(b) retirement savings plans. These regulations reflect the changes made by both the Tax Cuts and Jobs Act of 2017 and the...
Read MoreThis past week, the SEC announced proposed amendments to codify certain staff consultations and modernize certain aspects of the long outdated auditor independence rules. Specifically, the proposed amendments would concentrate on relationships or services that would most likely impact the audit...
Read MoreContract modifications — any change in the scope or price of a contract — are extremely common in the construction industry and are often seen in the form of claims and change orders. Under the new revenue recognition rules, or ASC 606, Revenue from Contracts with Customers, it&rsquo...
Read MoreThe FASB unanimously voted on October 16, 2019, to approve an additional delay for private companies on three major upcoming standards, one of which is the new leasing standard. The FASB voted to delay the leases standard effective date for private companies until after December 15, 2020 (January...
Read MoreAcquiring another business or portfolio company can be an onerous process, especially if that company has never been audited before and has not historically maximized shareholder returns or provided detailed reporting to a board of directors. Adding complexity to the process, U.S. Generally...
Read MoreThe use of profits interest, a relatively new form of equity compensation issued by limited liability companies (LLCs), has spiked. Now, private companies and their advisors are asking the Financial Accounting Standards Board (FASB) to simplify the complex rules that have evolved to account for...
Read MoreMany companies pay interest on variable rate loans, based on the London Interbank Offered Rate (LIBOR). But, by 2021, LIBOR will have been phased out in response to a series of scandals, where regulators uncovered collusion between banks to manipulate LIBOR to profit on the financial instruments...
Read MoreIn November 2016, the Financial Accounting Standards Board issued ASU 2016-18, Statement of Cash Flows (Topic 230) – Restricted Cash. Although previously available for early adoption, this standard is required to be implemented by non-public companies with fiscal year-ends beginning after...
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