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In August, President Trump tweeted in favor of a six-month reporting system to replace the three-month quarterly and annual filing requirements that U.S. public companies have followed for years. He has tasked the Securities and Exchange Commission (SEC) to review this contentious issue, which pits public companies against their investors and market analysts. SEC research

On Halloween, the Financial Accounting Standards Board (FASB) gave private companies a special treat: long-awaited relief from the variable interest entity (VIE) guidance. Over the years, private companies have described Accounting Standards Codification (ASC) Topic 810, Consolidation, as one of the most complicated areas of U.S. Generally Accepted Accounting Principles (GAAP). Now there’s an easier

The Securities and Exchange Commission (SEC) will soon require auditors to issue expanded reports for public companies. Some companies are having their accounting firms conduct dry runs on previous years’ financial statements to ensure compliance with the new-and-improved auditor’s report. By testing the standard before the effective date, auditors and companies can understand what the

Interpretive guidance from the Securities and Exchange Commission (SEC) temporarily lets public companies use good faith estimates to adjust for the income tax effects of the Tax Cuts and Jobs Act (TCJA). The Financial Accounting Standards Board (FASB) followed the SEC’s lead and also is allowing private companies to use good faith estimates. But the

Auditing standards require auditors to identify and assess the risks of material misstatement due to fraud and to determine overall and specific responses to those risks. Here’s what auditors look for during fraud-risk interviews and why face-to-face meetings are essential. Fraud inquiries Entities being audited sometimes feel fraud-related questions are probing and invasive, but they’re

The disclosure requirements under U.S. Generally Accepted Accounting Principles (GAAP) have gotten a bad rap for being overly burdensome and containing too much boilerplate language. In recent years, the Financial Accounting Standards Board (FASB) has responded by attempting to cut back on so-called “disclosure overload.” Its most recent effort is an update to its Conceptual

The Tax Cuts and Jobs Act (TCJA) lowered corporate income taxes overall and established new categories for foreign income subject to taxation. But the fine print also contains a narrow section that U.S. companies should pay attention to — a provision requiring them to recognize revenue for tax purposes no later than when it’s recognized

The passage of the Tax Cuts and Jobs Act (TCJA) in late 2017 brought significant changes to the tax landscape. As the first tax season under the law looms on the horizon, new year-end tax planning strategies are emerging. Meanwhile, some of the old tried-and-true strategies have changed and others remain viable. Fresh opportunities The

The Tax Cuts and Jobs Act (TCJA) was packed with goodies for businesses, but it also seemed to eliminate the popular meal expense deduction in some situations. Now, the IRS has issued transitional guidance — while it works on proposed regulations — that confirms the deduction remains allowable in certain circumstances and clarifies when businesses

  The following is a summary of important tax developments that have occurred in July, August, and September that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize