Reporting CAMs in the COVID-19 era

Reporting CAMs in the COVID-19 era Starting in 2019, auditors’ reports for certain public companies must contain a new element: critical audit matters (CAMs). The requirement was in effect for audits of large accelerated filers.  With market values of $700 million or more in fiscal years ending on or after June 30, 2019. It goes…

Financial Statements and Revenue Recognition

Financial statements, revenue recognition, and leases: FASB gives certain entities more time Private companies and most nonprofits were supposed to implement (in their financial statements) updated revenue recognition guidance in fiscal year 2019, and updated lease guidance in fiscal year 2021. In the midst of the novel coronavirus (COVID-19) crisis, the Financial Accounting Standards Board…

Accounting and Your Month-End Close

5 accounting steps to streamline the month-end close Many companies struggle to close the books at the end of the month. The month-end close requires accounting personnel to round up data from across the organization. Under normal conditions, this process can strain internal resources. However, in recent years the accounting and tax rules have undergone…

Sales and Your Business During Pandemic

Businesses revise sales compensation models during pandemic Economists will look back on 2020 as a year with a distinct before and after. In early March, most companies’ sales projections looked a certain way. Just a few weeks later, those projections had changed significantly — and not for the better. Because of the novel coronavirus (COVID-19)…

Virtual Team Building – How to Succeed

Virtual team building while working remotely Thanks to affordable technology, more and more companies have been allowing employees to work remotely in recent years. It’s become feasible to procure laptops, set up security protocols, and use cloud servers.  We also rely on employees’ home Wi-Fi connections to create functional virtual workspaces. In turn, many of…

Financial Reporting During the COVID-19 Pandemic

Financial reporting and adjusting your financial statements The Corona-virus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, contains several tax-related provisions for businesses hit by the novel corona-virus (COVID-19) crisis. So these provisions will also have an impact on financial reporting. Companies that issue financial statements under U.S. Generally…

Layoffs and Furloughs – Which is Which?

What are the key distinctions between layoffs and furloughs? Layoffs and furloughs, is it time to decide?  As businesses across the country grapple with the economic fallout from the novel coronavirus (COVID-19) pandemic, many must decide whether to downsize their workforces to lower payroll costs and stabilize cash flow. If your company is contemplating such…