Contributor: Robert D. Babine

Accounting & Audit Alert – Establishing your company’s risk appetite

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) recently published new guidance on how companies can promote “risk appetite” as part of decision-making. It’s especially relevant in today’s uncertain marketplace. Digesting the new

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Posted In: Alerts & Advisories

Accounting & Audit Alert – Asset impairment is expected to hit 2020 financial statements

Some companies are expected to report impairment losses in fiscal year 2020 because of the COVID-19 crisis. Depending on the nature of your operations and assets, the pandemic could be considered a “triggering event” that

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Accounting & Audit Alert – Is it time to outsource finance and accounting?

Outsourcing may appeal to organizations that are currently struggling with mounting overhead costs during the COVID-19 crisis. By outsourcing, you convert certain fixed overhead costs associated with compensating and supporting employees into variable costs that

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Accounting & Audit Alert – 5 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

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Accounting & Audit Alert – Revenue recognition and leases: FASB gives certain entities more time

Private companies and most nonprofits were supposed to implement 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

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Accounting & Audit Alert – Overcoming the challenges of remote auditing during the COVID-19 crisis

Many people are currently working from home to help prevent the spread of the novel coronavirus (COVID-19). Your external auditors are no exception. Fortunately, in recent years, most audit firms have been investing in technology

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Accounting & Audit Alert – COVID-19: A reminder of why cross-training your accounting staff is key

Imagine this scenario: A company’s controller is hospitalized for the novel coronavirus (COVID-19), and she’s the only person inside the company who knows how its accounting and payroll software works. She also is the only

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Accounting & Audit Alert – Benchmarking: Why normalizing adjustments are essential

Financial statements aren’t particularly meaningful without a relevant basis of comparison. There are two types of “benchmarks” that a company’s financials can be compared to — its own historical performance and the performance of other

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Accounting & Audit Alert – Going, going, gone: Going concern assessments in the midst of COVID-19

The novel coronavirus (COVID-19) pandemic has adversely affected the global economy. Companies of all sizes in all industries are faced with closures of specific locations or complete shutdowns; employee layoffs, furloughs or restrictions on work;

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Accounting & Audit Alert – Adjusting your financial statements for COVID-19 tax relief measures

The Coronavirus 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 coronavirus (COVID-19) crisis. Those provisions will also have an impact

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Posted In: Alerts & Advisories