On June 1, 2017 the Public Company Accounting Oversight Board adopted a new auditor reporting standard, The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion, and related amendments to certain other PCAOB standards, to enhance the auditor’s report by requiring communication of additional information about the audit.
The IRS provides guidance on The Protecting Americans from Tax Hikes Act of 2015 which includes amendments and changes to Section 179, 168(k), and 168(j). The changes made in The Act are effective for property placed in service in taxable years beginning in 2016. A major impact of The Act is the creation of a new category of qualified property, called qualified improvement property, eligible for the additional first-year depreciation deduction under §168(k).
It’s a near certainty that businesses of any size or scope would seek to reduce costs, if given the chance. And why not? Lowering costs is arguably the most direct way to increase profitability. If only it were that simple. In reality, many businesses find that reducing costs is actually quite complex, given a host of variables unique to their business. Add to that competing internal priorities, as well as a general fear of cutting too deeply and trimming muscle and bone with the fat. It’s no wonder, then, that businesses find controlling core costs one of their biggest challenges.
With all the buzz about cyberattacks and cyber threats, it’s all too easy to take your eyes off of a common threat that is much closer to home—fraud that occurs within your own organization. While no business owner wants to think about embezzlement occurring within their own employee population, it can and does happen on a frequent basis.
The FASB recently issued ASU 2017-09 to clarify which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718.
When it’s time to host a party for your employees, it’s also a good time to think about potential tax saving opportunities associated with these events. Since you will likely be incurring significant costs to cover everything from meals to entertainment, it’s smart to maximize your deductions in this area. While the Internal Revenue Code allows for only 50% of meals and entertainment to be deducted under the general rule, there are several statutory exemptions that allow for a full 100% deduction for qualifying meals and entertainment.
Just days after President Trump signed a much-anticipated executive order on cybersecurity, a massive cyberattack—potentially the largest the world has ever seen, with more than 75,000 ransomware attacks in 153 countries—stole headlines.
Under the close eye of regulators, contractors are working against strong compliance headwinds as they expand their supply chains across international borders. Effectively monitoring the supply chain from end to end and managing the risks associated with a complex network of suppliers and subcontractors is growing more onerous and time-consuming. To shed some light on where to focus your compliance efforts, we've examined some of the key challenges contractors encounter when securing their supply chains.
As the Trump administration and the House Republicans put the finishing touches on their tax package, one component remains front and center—the border adjustment, a proposal to change the ways goods and service are taxed depending on where they are manufactured and where they are consumed. Let’s take a closer look at what is being proposed and what effect it might have on U.S. companies.
Across industries today there is wide-ranging disparity in how revenue recognition guidance is applied. This is often true even within specific industries. In an attempt to reduce the inconsistencies in practice and the complexity inherent in current revenue recognition guidance, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued their converged standard on revenue recognition in May 2014. This new guidance is meant to provide a comprehensive, industry-neutral revenue recognition model. RyanSharkey is pleased to present an upcoming webinar, Revenue Recognition - The New Standard and What it Means for Government Contractors, intended for professionals in the areas of accounting or finance, compliance, internal audit, internal controls, program or contract management and IT professionals.