Accounting and Auditing

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Top Three Manufacturing Trends for 2024

Earlier this year, BDO released our 2024 Manufacturing CFO Outlook Survey, which identified key manufacturing trends for the year ahead. To benchmark how these trends are evolving, we polled over 100 manufacturing professionals during our webinar, “Reshaping Manufacturing Resilience: The Evolving Role of CFOs in a Changing Landscape,” on April 9.   Results from the webinar […]

Intuit’s Shift Away from QuickBooks Desktop: What It Means for Your Business

In late 2023, Intuit announced that it would no longer sell new subscriptions of certain QuickBooks Desktop products. This announcement marked a significant shift for the accounting industry, as well as business owners, since Desktop products have been a staple for many over the past few decades.   The Details:  Intuit will discontinue selling new subscriptions […]

Audit Firm Business Models – What Audit Committees May Want to Know

Audit Firm Business Models – What Audit Committees May Want to Know As the audit profession continues to evolve to satisfy changing business needs while prioritizing high quality audits for the investment community, firms are taking different approaches toward a sustainable future. These may range from maintaining traditional partner-owned entities that oversee cross-disciplinary functions in […]

Smith Leonard PLLC Announces Retirement of Founding Partner Ken Smith

Smith Leonard PLLC, a leading Triad-based accounting firm, announces the retirement of Ken Smith, Founding and former Managing Partner, effective December 31, 2023.

Smith Leonard PLLC Names Three New Partners

Smith Leonard is pleased to announce Patrick Willis as its newest Tax Partner/Member. He is a key technical resource for the firm, a mentor to many staff members, and an integral part of the tax leadership team.

Smith Leonard Adds New Team Members

Smith Leonard is delighted to announce the addition of Jennifer Barbee-White and Jeanette Balazsi to the SL team.

Announcing Scotti Teschke as Partner

Smith Leonard is pleased to announce Scotti Vaughn Teschke as its newest Assurance Partner/Member. She is a key technical resource for the firm, a mentor to many staff members, and is an integral part of the leadership team for employee benefit plan audits.

FASB Approves Deferral of Leasing and Revenue Standards for Certain Private Companies

FASB votes to approve the proposed deferrals of the effective date for ASC 842, Leases (“ASC 842”), and ASC 606, Revenue from Contracts with Customers (“ASC 606”), for certain entities.

FASB Votes to Defer Effective Date of Leases Standard (ASC 842) and Other Accounting Relief

FASB recently proposed a delay to the effective dates of its standards on lease accounting and revenue recognition for certain entities due to the challenges companies are experiencing associated with the coronavirus pandemic. FASB proposes that private companies and not-for-profit entities get an extra year to implement the lease accounting standard. At the same time, the proposed plan will give private franchisor companies an extra year to implement the revenue recognition standard.

Required Minimum Distributions Suspended for 2020

RMDs are suspended for 2020, including inherited IRAs as well as traditional IRAs of those over age 70½. We answer two of the most common questions we’ve received in this post.

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