Credit unions and community banks that sponsor either a defined benefit pension and/or other post-retirement benefit plan (“DBP” or “PRBP”) may be impacted by Accounting Standards Update (ASU) Topic 715, Compensation – Retirement Benefits. ...

New revenue recognition standards for privately held companies is just around the corner, with the new model for reporting revenue from contracts going into effect Jan. 1, 2019. ASC 606 – Revenue From Contracts with Customers (ASC 606) virtually el...

Coming on the heels of stakeholder’s concerns, the Financial Accounting Standards Board (FASB) discussed feedback received from the Credit Losses Transition Group, which proposed making a number of amendments to guidance related to credit losses, d...

Are you comfortable communicating electronically with your auditors? If so, a logical next step might be to transition from on-site audit procedures to a more “remote” approach. Remote audits can help reduce the time and cost of preparing audited...

With the new lease accounting standard set to take effect in January 2020 for calendar year-end non-public entities, your business should adopt a centralized process for collecting, analyzing and potentially recording leases on the company’s financ...

Employee benefit plans, such as 401(k) plans, are required by the Employee Retirement Income Security Act of 1974 (ERISA) to have an annual audit if there are 100 or more eligible participants at the beginning of each plan year. With the 401(k) audit...

Having a good working relationship with your auditor is always important. However, keeping a proper balance between how the auditor, as an “independent third party,” develops a good working relationship with great client service while maintaining...

Owners of closely held businesses sometimes need to advance their companies money to bridge a temporary downturn, provide extra cash flow for an expansion or major expense, or other purposes. Should you classify those advances as bona fide debt, addi...