Accounting and Auditing

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.

SBA Loan Information

With the economy in turmoil and business uncertainty looming, many of our clients are seeking guidance on how to proceed. One great option is to seek a SBA loan to cover salary expenditures, rent, and utilities for 8 weeks. We outline some of the SBA loan requirements below and are happy to work with you to get your financial packages in order so you may present them to a SBA lender.

Families First Coronavirus Response Act Signed Into Law

The Families First Coronavirus Response Act guarantees free testing for the novel coronavirus (COVID-19), establishes emergency paid sick leave, expands family and medical leave, enhances unemployment insurance, expands food security initiatives, and increases federal Medicaid funding. Read more to find out the impact to employees and employers.

Important News: Tax Payments Delayed; Smith Leonard To Close Offices, Work Remotely

In light of the global coronavirus (COVID-19) pandemic, the firm has made an important decision regarding the status of all Smith Leonard offices. Effective close of business March 17, all SL professionals will be working remotely through the end of March or as circumstances dictate. During this time, all SL offices will be closed.

SL COVID-19 Response and Update

In this time of uncertainty, Smith Leonard is working diligently to ensure optimal client service while following policies and procedures that protect our team members, clients, and communities. Learn more about our readiness plan and how we are handling the impact of the coronavirus in our business.

October 18, 2019/Accounting and Auditing

FASB Defers Effective Dates of Major New Accounting Standards

At its October 16, 2019 meeting, the FASB affirmed its decisions on two proposed Accounting Standards Updates (ASUs) to extend the deadline to implement FASB standards on current expected credit losses, leases, hedging and insurance that are not yet effective for some or all companies.

February 10, 2019/Accounting and Auditing

A Fresh Look at Percentage of Completion Accounting

How do you report revenue and expenses from long-term contracts? Some companies that were required to use the percentage of completion method (PCM) under prior tax law may qualify for an exception that was expanded by the Tax Cuts and Jobs Act (TCJA). This could, in turn, have spillover effects on some companies’ financial statements. […]

February 8, 2019/Accounting and Auditing

Accounting for Overhead Costs

Accurate overhead allocations are essential to understanding financial performance and making informed pricing decisions. Here’s guidance on how to estimate overhead rates to allocate these indirect costs to your products and how to adjust for variances that may occur. What’s included in overhead? Overhead costs are a part of every business. These accounts frequently serve […]

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