Reading time: 1 minute 50 seconds Private companies have recently been given relief from the consolidation of variable interest entities (VIEs). This change by the Financial Accounting Standards Board (FASB) has been long awaited, as VIEs are one of the … Continued
The accounts payable (AP) department handles a considerable number of transactions at most companies, making the AP department especially vulnerable to ledger errors or to being used for fraudulent journal entries. Auditors, therefore, take a special look at AP departments.
Changing of filing status often occurs when there is growth within a public company, however recent changes in policy may also modify status. The Securities Exchange Commission (SEC) has recently voted in policy to edit thresholds that determine filing classification. Along with filing status, audits and financial reporting will likely be affected by the SEC changes.
There are often many questions plan administrators have as their plan grows and expands. Compliance requirements mandated by the plan itself and outside agencies such as the Internal Revenue Service (IRS) and the Department of Labor (DOL) can make the situation seem more difficult.
Managing a successful construction company is a challenging task. There are multiple variables that demand attention across all operational areas of the company including talent acquisition and retention. The elevated level of construction activity has left many companies struggling to find, recruit and retain skilled craftsman and other professionals which complicates the situation.
Small private companies frequently disparage the Financial Accounting Standards Board (FASB) because of the overly complex standards they create, revolving around the needs of stakeholders in large public companies instead of “Main Street” businesses. Below are ways FASB has handled these concerns in recent years.
Managing a successful business requires the skills needed to deliver the right product or service, but also requires the tacit understanding of how to do so in a profitable way. There are dozens of contractors specializing in services, including roof installation and repair, plumbing, electrical, and even elevators and other such systems.
Planning is an essential part of success in any business. This is true for the newest startup company to those in business for generations. Effective strategic planning requires management to look beyond the four walls of the office to assess industry and market conditions in an effort to identify opportunities.
Retirement plans including 401(k), 403(b) and others have become a staple at almost every organization. Prospective and current employees expect the company will actively participate in helping them save for retirement by offering a plan and making annual contributions or other payments.
For plan sponsors that are required to conduct an employee benefit plan audit, the process can be stressful. The Internal Revenue Service (IRS) and Department of Labor (DOL) regulate benefit plans and require an independent accounting firm to conduct an audit of the plan.