News & Insights: attest and accounting

Form 990-T Fiscal Year Filers: Why Did I Get This Notice?


By Magdalena M. Czerniawski |  Robert Lyons  |  October 1, 2019

Many nonprofit organizations that fell under the category of 2017 fiscal year filer are receiving an unexpected balance due or refund notices. Tax Director Magdalena M. Czerniawski examines the IRS changes responsible for these notices.

Governmental Accounting Standards Board, Statement 84: Fiduciary Activities


July 1, 2019

By: Philip Marciano, CPA

When people hear the word fiduciary, they associate several different activities with it, but mainly money or financial matters. The word, however, applies to any situation where someone places their confidence and trust in someone else.

Are You Ready for Your Upcoming Single Audit? The OMB Compliance Supplement Can Help


By John D'Amico  |  July 1, 2019

If your organization is subject to a Single Audit under Uniform Guidance, the OMB Compliance Supplement can be a useful resource.

The New Centralized Partnership Audit Regime


By Steve Brodsky  |  January 4, 2019

As previously advised by our Real Estate Group, 2018 partnership returns will be subject to a new IRS audit regime.

Real Estate Financial Statements: One Size Does Not Fit All


By Neil A. Sonenberg |  Darya Shneyder  |  July 27, 2018

When a company is in need of an annual financial statement, a Generally Accepted Accounting Principles (GAAP) financial statement is typically the first thing that comes to mind. 

NEW ACCOUNTING STANDARD TACKLES DISCLOSURES ABOUT BUSINESS CONTINUITY


By William M. Stocker III  |  October 15, 2014

The Financial Accounting Standards Board (FASB) has updated U.S. Generally Accepted Accounting Principles (GAAP) to eliminate a critical gap in existing standards. The new guidance, found in Accounting Standards Update (ASU) 2014-15, Presentation of Financial Statements — Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, clarifies the disclosures management must make in the organization’s financial statement footnotes when management has substantial doubt about its ability to continue as a “going concern.” The guidance applies to all companies.

Long-Awaited FASB Standard Revamps Revenue Recognition Model


By William M. Stocker III  |  July 24, 2014

The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have issued new joint guidance that addresses one of the most important measures investors use when assessing a company’s performance and prospects — revenue. By extension this also affects net income. FASB’s version, communicated in ASU No. 2014-09, Revenue from Contracts with Customers, standardizes the revenue recognition process for customer contracts across different industries and geographic locations. It also requires more comprehensive footnote disclosures for all types of public and, especially, private companies. This article provides an overview of the converged guidance, along with a brief look at the potential impact on certain industries.

Accounting and Auditing Alert: FASB Private Companies Have Options on Accounting for Goodwill


By William M. Stocker III  |  February 24, 2014

The Financial Accounting Standards Board {FASB) has issued two updates to Generally Accepted Accounting Principles (GAAP) that offer alternatives to private companies: Accounting Standards Update (ASU) 2014-02, Intangibles—Goodwill and Other (Topic 350): Accounting for Goodwill, and ASU 2014-03, Derivatives and Hedging (Topic 815): Accounting for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps—Simplified Hedge Accounting Approach. The alternative standards streamline the method for goodwill impairment and make it easier for certain interest rate swaps to qualify for hedge accounting. This alert details each ASU.

Accounting and Auditing Alert: Private Companies Get Possible New Option for Financial Reporting


By William M. Stocker III  |  August 6, 2013

The AICPA has announced a new option for small business financial reporting. The “Financial Reporting Framework for Small- and Medium-Sized Entities” is intended to ease reporting for smaller, privately held, owner-managed businesses that aren’t required to abide by Generally Accepted Accounting Principles (GAAP). This alert details the framework and provides an overview of three FASB-endorsed proposals from the Private Company Council that would ease accounting requirements for privately held companies.

VIDEO: Financial Statements: A Combination of Art and Science


By William M. Stocker III  |  June 28, 2013

Financial statements are supposed to depict the reality of a business' health in a way that allows a company to be compared to its competitors. However, any portrayal of a business on a few sheets of paper is inherently distorted -- like depicting a multi-dimensional reality on a two-dimensional financial statement. William M. Stocker III outlines the issues that you, the stakeholder, or you, the preparer, need to be aware of and the important things to keep in mind about financial statements.

Accounting and Auditing Alert: Indefinite-Lived Intangible Assets - Guidance on Impairment Testing


By William M. Stocker III  |  August 16, 2012

The Financial Accounting Standards Board (FASB) recently issued revised standards for public and private companies on how to test indefinite-lived intangible assets, other than goodwill, for impairment. The amendments won’t change how a company measures an impairment loss, but they could allow some companies to skip the performance of the quantitative impairment test on assets such as trademarks, licenses and distribution rights when the likelihood of impairment is low.

Accounting and Auditing Alert: SEC Staff Issues “Final Report,” but IFRS Decision Still to Come


July 30, 2012

On July 13, the staff of the U.S. Securities and Exchange Commission (SEC) issued its final report on the agency’s work plan in relation to International Financial Reporting Standards (IFRS). Although the 127-page report provides analysis of six key areas, what may be most notable is that it doesn’t make a recommendation as to what the SEC’s decision should be regarding incorporating IFRS into the financial reporting system for U.S. issuers. This article provides an overview of the report.

Accounting and Auditing Alert: The FAF Sets the Stage for Private Company GAAP


By William M. Stocker III  |  July 11, 2012

On May 23, after considering numerous public comments, the Financial Accounting Foundation (FAF) — parent organization to the Financial Accounting Standards Board (FASB) — approved the creation of the Private Company Council (PCC).

The PCC will identify and vote on exceptions and modifications to US Generally Accepted Accounting Principles (GAAP) that respond to the needs of private companies and their financial statement users. Its decisions will be subject to “endorsement” by FASB. The PCC will replace the existing Private Company Financial Reporting Committee (PCFRC).

Accounting and Auditing Alert: Convergence of US GAAP and IFRS: Where do Things Stand?


May 18, 2012

Since 2002, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working toward "convergence" of US Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). Although the two boards have made significant progress, efforts to converge critical standards — such as those dealing with revenue recognition, financial instruments and leases — have been challenging and time consuming.

FASB and IASB had planned to complete their major convergence projects by mid-2011, but several are still in progress. Recognizing that convergence will take more time, on April 13 the European Commission (the European Union's executive body) extended rules that permit European Union–listed US companies to continue to use US GAAP. The rules had expired at the end of 2011, but the European Commission granted a three-year extension, retroactive to Jan. 1, 2012.

Marks Paneth & Shron Helps LI Businesses Do What They Do Best


August 9, 2011

The financial crisis and its aftermath have led to areas of increased demand, and Marks Paneth has been at the forefront of helping clients navigate unfamiliar or difficult challenges. For instance, increased enforcement and increased emphasis on revenue and penalty collection have changed the landscape for a range of individuals and businesses. Marks Paneth has helped individuals with foreign account disclosure issues and currently advises businesses that have multiple locations or customers in multiple locations on adhering to more stringent tax practices and enforcement and avoiding penalties and double taxation.

New Requirement For Registered Investment Advisers - July 10th Deadline


By Steven L. Berse  |  June 25, 2010

The US Securities and Exchange Commission (SEC) has amended its custody rule — Rule 206(4)-2 under the Investment Advisers Act — to help safeguard investor assets. Now it's time for certain SEC-registered investment advisers (RIAs) to start taking steps to facilitate compliance with two major new SEC requirements.

Auditing Alternative Investments


By Michael McNee  |  January 1, 2008

Auditing alternative investments presents unique challenges. As an auditor, it is critical to evaluate processes used by your clients to help support valuation and existence assertions in the financials.