News
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FASB will propose delays to 4 new accounting standards
- August 28, 2019
- Posted by: Hood & Strong
- Category: FASB
No CommentsOn July 17, the Financial Accounting Standards Board (FASB) unanimously voted to propose a sweeping set of split deferrals for certain entities. The proposal, which is expected to be published in August, would delay new accounting rules for 1) leases, 2) credit losses on loans, 3) long-term insurance contracts, and 4) hedge accounting. The delays
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Private companies: How to account for “profits interests” in LLCs
- August 28, 2019
- Posted by: Hood & Strong
- Category: FASB
The use of profits interest, a relatively new form of equity compensation issued by limited liability companies (LLCs), has spiked. Now, private companies and their advisors are asking the Financial Accounting Standards Board (FASB) to simplify the complex rules that have evolved to account for these transactions. Accounting rules As the name suggests, “profits interest”
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Hood & Strong Names Herpinder Sihan Assurance and Advisory Director
- July 31, 2019
- Posted by: Hood & Strong
- Category: Uncategorized
Hood & Strong LLP, a leading Bay Area accounting and business consulting firm, today announced that Herpinder (Pinder) Sihan has been named assurance and advisory director. Sihan joined Hood & Strong in 2009 to pursue her desired focus of serving not-for-profit organizations. With more than 15 years of experience, she is part of Hood &
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Hood & Strong Announces Multiple Promotions
- July 29, 2019
- Posted by: Hood & Strong
- Category: Uncategorized
Hood & Strong LLP, a leading Bay Area accounting and business consulting firm, is pleased to announce the promotions of Matthew Corder, CPA, Emily Murphy, CPA and Samantha Re, CPA. Corder joined Hood & Strong in 2014 after spending two years with a large regional firm based in Texas. In his new position as audit
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Eye on stock repurchases
- July 24, 2019
- Posted by: Hood & Strong
- Category: FASB
Stock repurchases have skyrocketed in recent years, fueled, in part, by cash flow generated by the Tax Cuts and Jobs Act (TCJA) and the availability of inexpensive debt capital. So-called “buybacks” have become a political hot button, and some lawmakers want to enhance the information companies provide to shareholders about these transactions. A troublesome trend
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Public companies: Is it time to update the MD&A requirements?
- July 24, 2019
- Posted by: Hood & Strong
- Category: Uncategorized
The U.S. Securities and Exchange Commission (SEC) is planning to issue a proposal by April 2020 that would “modernize and simplify disclosure rules” regarding management’s discussion and analysis (MD&A) of financial condition and results of operations. Here’s what we know so far. Keeping up with the times MD&A is an integral part of public companies’
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FASB extends simplified alternatives for goodwill to not-for-profits
- July 24, 2019
- Posted by: Hood & Strong
- Category: FASB
On May 30, the Financial Accounting Standards Board (FASB) issued an accounting standard that enables not-for-profit organizations to use the easier, less costly methods available to private companies for reporting goodwill and certain identifiable intangible assets. The latest FASB update is effective immediately. It’s designed to give donors and other users of nonprofits’ financial reports
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Proper preparation can cut your audit costs
- July 10, 2019
- Posted by: Hood & Strong
- Category: Uncategorized
Outside financial audits may seem like an extravagance to nonprofits working to contain costs and focus on their mission. But undergoing regular audits allows organizations to identify risks early and act quickly to prevent problems. Independent audits also provide valuable reassurance to donors and other stakeholders that your ship is on course. Fortunately, you can
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News for Nonprofits
- July 10, 2019
- Posted by: Hood & Strong
- Category: Nonprofits
Transparency drives higher contributions Transparency can pay off for nonprofits — literally. A new study published by the Journal of Accounting, Auditing & Finance suggests that the public sharing of information results in increased contributions. The researchers examined more than 6,300 nonprofits, comparing those that have achieved recognition for their transparency (specifically, recipients of a
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IRS explains new UBTI rules: Clearing up the “silo rule” confusion
- July 10, 2019
- Posted by: Hood & Strong
- Category: IRS
Several provisions of the Tax Cuts and Jobs Act (TCJA) have significant implications for nonprofits, especially those with unrelated business taxable income (UBTI). These organizations must now calculate their UBTI separately for each unrelated business. Not surprisingly, this new “silo rule” has led to some head-scratching. The IRS has issued interim guidance to eliminate the