FASB Issues Proposal to Delay New Standards

Aug 26, 2019 | Nonprofit

On August 15, 2019, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) that would grant private companies, non-for-profit organizations, and certain small public companies extra time to implement the following new...

Understanding and Applying Accounting Reports and Ratios

Aug 22, 2019 | Tax

When it comes to tracking incoming sales and outgoing expenses, there are many ways businesses can keep up with their invoices and implement strategies to reduce the time they spend on unpaid sales.   Accounts Receivable Turnover Ratio Simply defined, the...

Change is Finally Here! Newly Published EBP SAS

Aug 5, 2019 | Audit, Benefit Plan Audits

Following a shocking 39 percent audit deficiency rate in an audit quality study conducted by the Department of Labor (DOL) in May 2015, the DOL requested the ASB take a fresh look at the auditor reporting model for ERISA plan audits to provide better insight to the...

Why Some People Are Afraid of the Hobby Loss Rules

Jul 24, 2019 | Tax

Many tax advisors are very cautious when it comes to claiming hobby losses – and some would argue overly so. This conservative view stems from the impression that the taxpayer usually loses when challenged by the IRS. While technically true that the odds aren’t in...

Do I need a Virtual Controller?

Jul 23, 2019 | Tax

Tipping points in small businesses that indicate the need for extra help…   A business owner’s biggest strength is running their business and often a lack of time and/or qualified personnel can be detrimental to the accounting and bookkeeping tasks; hindering...