There comes a time when a 401k, 403b or other employee benefit plan is required to undergo an annual plan audit. According to the rules outlined in the Employee Retirement Income Security Act of 1974 (ERISA), this requirement is triggered when a plan crosses the 100 eligible participants mark. Although there are some exceptions, such as the 80-120 rule, at the 100 participant point most plan sponsors will need to identify a benefit plan audit firm to manage the task
Beginning in 2019, private companies following U.S. Generally Accepted Accounting Principles (GAAP) must comply with the new revenue recognition standard. Meeting the requirements for these standards requires a great deal of work, so if you haven’t started implementing them, now is the time to do so.
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.