Accounting and Auditing

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 […]

January 18, 2019/Accounting and Auditing

4 Ideas for Fostering a Partnership Between Internal and External Auditors

External audits aren’t required for every business. But whether required or not, they can provide lenders and investors with assurance that your financial statements are free from material misstatement and prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). How can you help facilitate efficient, timely audit fieldwork? The keys are frequent communication and […]

Could a Cost Segregation Study Help You Accelerate Depreciation Deductions?

Businesses that acquire, construct or substantially improve a building — or did so in previous years — should consider a cost segregation study. It may allow you to accelerate depreciation deductions, thus reducing taxes and boosting cash flow. And the potential benefits are now even greater due to enhancements to certain depreciation-related breaks under the […]

Trust is an Essential Building Block of Today’s Websites

When business use of websites began, getting noticed was the name of the game. Remember pop-up ads? Text scrolling up the screen? How about those mesmerizing rotating banners? Yes, there were — and remain — a variety of comical and some would say annoying ways to get visitors’ attention. Nowadays, most Internet users are savvy […]

September 5, 2018/Accounting and Auditing

New Revenue Recognition Standard: Are You Prepared?

Revenue recognition changes as a result of ASC 606 are required to be implemented by December 15, 2018. For many entities, changes in the timing and pattern of revenue recognition may be significant. In most entities, implementation will require careful deliberation and comprehensive insight into the new rules. In many cases, new and/or modified processes will be needed to record revenue in the correct period.

Ken Smith Named 2017 Citizen of the Year

The High Point Enterprise names Ken Smith as their 2017 Citizen of the Year in their New Year’s Day issue.

February 27, 2017/Accounting and Auditing, Tax

Should You Challenge Your Property Tax Value?

2017 is a big valuation year for property taxes in North Carolina, with several Triad counties up for revaluation. There is a window of opportunity for businesses that own real property in the counties mentioned below to appeal their 2017 value and realize potentially significant savings. The optimum time to appeal is within thirty days of receiving your 2017 valuation.

March 28, 2016/Accounting and Auditing

FASB ISSUES ASU ON LEASES

On February 25, 2016, the FASB issued its highly-anticipated leasing standard1 for both lessees and lessors. Under its core principle, a lessee will recognize lease assets and liabilities on the balance sheet for all arrangements with terms longer than 12 months. Lessor accounting remains largely consistent with existing U.S. GAAP. The new standard takes effect in 2019 for public business entities and 2020 for all other entities.

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