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July062022
Restricted Securities – FMV No Longer Discounted for Contractual Restriction

What’s New? Good news! We no longer need to factor in a contractual restriction prohibiting the sale of an equity security when estimating the fair value of that security. Let’s […]

May092022
Baseline GAAP for Digital Assets

Digital Assets (DA) is defined as, “Any asset that is purely digital, or is a digital representation of a physical asset.”1 DAs are formatted into a binary source and have […]

February152022
Love Is Complex and So Is the Accounting Related to Software Development Costs

New Tax Rules Starting in 2022, for tax purposes, all new software development costs (aka, specified research and experimental expenditures or R&D) are required to be capitalized and amortized over […]

December202021
New Year, New Lease Accounting, New Update

It’s finally here, folks! As we ring in the New Year, we also ring in the new lease accounting standard – Topic 842! But wait, there’s news about using a […]

September202021
The New Auditor’s Report is Coming! The New Auditor’s Report is Coming!

There is a new auditor’s report coming for the 2021 engagements! Here are some highlights: The order of the paragraphs has been rearranged with the report leading with the Opinion. […]

July192021
Internal Control Communications Build the Relationship and Trust with a Client

Auditors are required to gain an understanding of the internal control environment at the client (which is not an audit of internal controls) in order to identify and assess the […]

April192021
Bottom Line it For Me – What do I need to know about LIBOR going away?

When is this really happening? For most loans and interest rate swaps you have some time. By the end of 2021, only the one-week and two-month USD London Interbank Offered […]

March082021
Nearly A Year After the CARES Act, should Plans still CARE?

2020 was a very unique year that presented many new challenges. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was passed to provide fast […]

February102021
AICPA Communicates with SBA on Errors and Communication and Anxiety!

Small businesses are facing challenges during this most recent round of applications for Small Business Administration (SBA) Paycheck Protection Program (PPP) forgivable loans. As members of the AICPA, we are […]