Preparing for your 401(K) audit

Proper preparation for your year-end 401(K) audit can lead to a much smoother and effective audit experience for both your company and your auditor. A constant line of communication leading into the audit will allow both parties to be as efficient as possible, especially when it comes to performing fieldwork. In addition to what your …

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Did you remember the changes to debt issuance costs?

irIn April 2015, as a part of the FASB’s initiative to simplify and improve accounting standards, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs. Why should we care about an Accounting Standards Update issued years ago? Because for privately held companies and not-for-profit organizations, ASU 2015-03 is effective for financial statements …

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Nonprofit finance committee: to serve or not to serve

Many people reach a point in their lives where they ask how they can give back to their communities. Some people may respond to that by donating money to their favorite charity. Others arrive at a conclusion of serving on a nonprofit board of directors and donating their time and expertise (and often money, too!). …

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Prevent expense reimbursement abuse

Dishonest employees can see an opportunity to steal from the company through expense reimbursements. If you don’t have a strong travel and expenses policy that is routinely monitored and enforced, you open yourself up for the risk of expense reimbursement fraud. Some common examples of fraud schemes that impact everyday companies are: Double billing: seeking …

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Alternative investments help diversify employee benefit plans

Alternative investments are generally defined as investments that do not have a readily determinable fair value. This means this type of investment is not listed on a national exchange, and quoted market prices are not published in financial publications. These investments also do not face the restrictions or regulations that a typical investment, such as …

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Using Groupon for your business

Some businesses avoid running special promotions and discounts with the view that this will tarnish their brand or reduce the value of the product or service they have worked hard at creating. However, some businesses find that offering special promotions and discounts through a deal website, such as Groupon, are an effective method for advertising …

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Prior period adjustments

Nobody is destined to never make a mistake, and unfortunately every now and then, a company (and yes accountants, too) fall into that group as well. Even though CFOs, accountants and auditors do everything they can to avoid them, mistakes happen and steps have to be taken once found to correct those prior period errors. …

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Statement of cash flows: restricted cash presentation

The Financial Accounting Standards Board (FASB) recently released Accounting Standards Update (ASU) 2016-18 regarding specific guidance on the presentation and classification of restricted cash in the statement of cash flows. The ASU notes the following items: The statement of cash flows is required to explain the change during the period in the total of cash, …

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Auditee requirements under Uniform Guidance related to audit findings

Auditee responsibilities under Uniform Guidance § 200.511 establishes reporting requirements related to follow-up of prior year audit findings and corrective action for all current year audit findings. Effective in November 2015, auditees are required to prepare a summary schedule of prior audit findings, and a corrective action plan for current year audit findings. The summary …

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Internally developed software accounting implications

There are times companies may have to make a decision of whether they should purchase software from an outside party or develop software internally to meet their operational needs. If companies choose internally developed software, they should at least be aware of the accounting implications because, when you develop the software internally, some of these …

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