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Audit and Assurance Articles

 

FASB Report - Accounting Alternative for Private Entities in Evaluating Triggering Events for Goodwill Impairment

FASB Report - Accounting Alternative for Private Entities in Evaluating Triggering Events for Goodwill Impairment

Posted by Michael Grimaldi on April 13, 2021

The FASB issued ASU 2021-03[1] (“ASU”) to provide private companies and not-for-profit entities (“NFPs”) with an accounting alternative to evaluate triggering events for goodwill impairment only as of the end of each reporting period, whether they report on an interim or annual basis.

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The Latest in COVID-19 Funding Compliance Guidance

The Latest in COVID-19 Funding Compliance Guidance

Posted by Seth Hennard on December 29, 2020

On December 22, 2020, the Office of Management and Budget (OMB) released the Addendum to the 2020 Compliance Supplement (the Supplement Addendum). 

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BDO Nonprofit Standard | Winter 2020

BDO Nonprofit Standard | Winter 2020

Posted by Sarah Hopkins on December 21, 2020

Take a look a look at the winter 2020 edition of the BDO Nonprofit Standard.

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IRS Delivers Temporary Midyear Relief to 401(k) and 403(b) Safe Harbor Plans

IRS Delivers Temporary Midyear Relief to 401(k) and 403(b) Safe Harbor Plans

Posted by Michael Grimaldi on August 11, 2020

Plan sponsors that have already or are considering reducing or suspending contributions to their safe harbor 401(k) or 403(b) plans as a result of the coronavirus pandemic now have helpful relief thanks to new guidance from the IRS.

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Form 5500 Deadline: Is it Extended Due to COVID-19?

Form 5500 Deadline: Is it Extended Due to COVID-19?

Posted by Thomas Burns on May 18, 2020

In light of the novel coronavirus (COVID-19) crisis, employers have questions about how to handle many areas, including their benefit plans. Do the usual deadlines apply for Form 5500, “Annual Return/Report of Employee Benefit Plan?” Or have the deadlines been extended?

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Use an Exit Agreement to Bid Farewell to Nonprofit Executives

Use an Exit Agreement to Bid Farewell to Nonprofit Executives

Posted by Peter DeSabio on May 05, 2020

When a nonprofit executive departs, an exit agreement may be called for. This legal document, usually developed by the board of directors, may provide compensation for past service or incentives to perform future work.

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GASB Proposes to Postpone Effective Dates of Certain Pronouncements

GASB Proposes to Postpone Effective Dates of Certain Pronouncements

Posted by Sara Dayton on April 16, 2020

The Governmental Accounting Standards Board (GASB) today proposed to postpone the effective dates of provisions in almost all Statements and Implementation Guides due to be implemented by state and local governments for fiscal years 2019 and later.

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FASB Votes to Defer the Effective Date of ASC 842 and ASC 606

FASB Votes to Defer the Effective Date of ASC 842 and ASC 606

Posted by Jonathan Roller on April 15, 2020

At its April 8, 2020, meeting, the FASB voted to defer the effective date for ASC 842, Leases (“ASC 842”), and ASC 606, Revenue from Contracts with Customers (“ASC 606”), for certain entities. In addition, in response to concerns that the Coronavirus (COVID-19) pandemic may have on stakeholders in the United States and abroad, the FASB staff provided guidance related to several recent technical inquiries.

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COVID-19 - Accounting, Reporting, and Other Related Considerations

COVID-19 - Accounting, Reporting, and Other Related Considerations

Posted by Donna Gonser on April 08, 2020

The novel coronavirus (COVID-19) outbreak is a serious and unprecedented public health threat. It has interrupted the movement of people and goods throughout the world, and many levels of government are instituting restrictions on individuals and businesses. The resulting impact on financial reporting will be significant.

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COVID-19 Update - Client Portal and Lockbox Document Drop-Off

COVID-19 Update - Client Portal and Lockbox Document Drop-Off

Posted by Maria Gambacorta on March 23, 2020

Effective 3/21/2020 and until further notice, Lumsden McCormick is suspending all in-office face-to-face interactions in light of COVID-19 concerns.  Despite the deadline extensions, we are moving forward with all tax filing by April 15, we highly encourage usage of the client portal, secure email or our office lockbox for documentation transfer. 

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