News

  • How XBRL benefits companies, large and small

    • March 22, 2019
    • Posted by: Hood & Strong
    • Category: AICPA
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    How XBRL benefits companies, large and small Investors and accounting professionals have warned the Securities and Exchange Commission (SEC) against exempting small companies from the requirement to add interactive data to their financial statements using eXtensible Business Reporting Language (XBRL). They believe that using XBRL in financial reporting helps investors analyze performance more efficiently and

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  • Best practices for audit committees

    • March 22, 2019
    • Posted by: Hood & Strong
    • Category: Uncategorized
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    In January 2019, the board of the International Organization of Securities Commissions (IOSCO) published a report intended to promote audit quality. It outlines best practices for audit committees. Although external auditors have primary responsibility for audit quality, the audit committee plays an important oversight role in the financial reporting process. Role of the audit committee

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  • Is your finance team using AI?

    • March 22, 2019
    • Posted by: Hood & Strong
    • Category: AICPA
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    Only 11% of executives are making use of artificial intelligence (AI) and over one-third of companies spend more time collecting data than analyzing it. These are just some of the findings from a recent Association of International Certified Professional Accountants survey. Here are the details. Survey says In January 2019, the association released the report

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  • IRS provides QBI deduction guidance in the nick of time

    • February 19, 2019
    • Posted by: Hood & Strong
    • Category: IRS
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    When President Trump signed into law the Tax Cuts and Jobs Act (TCJA) in December 2017, much was made of the dramatic cut in corporate tax rates. But the TCJA also includes a generous deduction for smaller businesses that operate as pass-through entities, with income that is “passed through” to owners and taxed as individual

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  • Identifying CAMs: The new-and-improved auditor’s report

    • February 19, 2019
    • Posted by: Hood & Strong
    • Category: Uncategorized
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    Public company auditors have been conducting test runs to help them add critical audit matters (CAMs) to the auditor’s report. To comply with this new Public Company Accounting Oversight Board (PCAOB) requirement, the Center for Audit Quality (CAQ) has found that auditors must apply significant judgment and communicate effectively with management and audit committees. What

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  • AICPA to align its auditing standards with public company standards

    • February 19, 2019
    • Posted by: Hood & Strong
    • Category: AICPA
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    The AICPA’s Auditing Standards Board (ASB) is taking steps to enhance the consistency of financial reporting between public and private companies. A new omnibus auditing standard will cover standards on related parties, communications with audit committees, and consideration of fraud in a financial statement audit. Syncing the standards Auditors of public companies are required to

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  • New phase-in option for credit losses standard

    • February 19, 2019
    • Posted by: Hood & Strong
    • Category: FASB
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    Bank regulators have completed a rule that will allow banks to phase in the capital effect of the new credit losses accounting standard over a three-year period. The relief comes amid growing banker angst about the impact of the sweeping new accounting standard. FASB responds to financial crisis Accounting Standards Update (ASU) No. 2016-13, Financial

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  • News for Nonprofits

    • February 4, 2019
    • Posted by: Hood & Strong
    • Category: Nonprofits
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    Push continues for universal charitable deduction Nonprofits remain worried about the effects of the federal income tax overhaul on charitable giving. But some organizations, such as the Council on Foundations and Independent Sector, intend to keep the pressure on Congress to help mitigate the damage. Federal lawmakers already have taken some steps to alleviate the

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  • Enterprise risk management helps nonprofits contain threats

    • February 4, 2019
    • Posted by: Hood & Strong
    • Category: Nonprofits
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    Like their for-profit counterparts, nonprofits face an ever-expanding range of risks. The numerous, sometimes overlapping, types of risk demand a holistic approach. Enter enterprise risk management (ERM). Even organizations with limited resources can — and should — use an ERM process to combat the risks that come with operating in the 21st century. What is

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  • Do you understand how taxes will affect your donors?

    • February 4, 2019
    • Posted by: Hood & Strong
    • Category: Nonprofits
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    With the first year under the new tax law behind them, your contributors may be looking to structure their charitable giving in new ways. And, although the deductibility of most gifts hasn’t changed, some of the recordkeeping requirements have. Helping your donors understand the requirements and benefits of their gifts will help you strengthen those

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