Smaller organizations with limited staff might have difficulty implementing the Financial Accounting Standards Board's new standard on presentation of not-for-profit financial statements. These tips can make the work easier.
US finance decision-makers remain positive about the economy and their organizations' prospects, but their optimism decreased a bit in the fourth quarter, according to a survey by the Association of International Certified Professional Accountants. See what CFOs, controllers and others say about spending plans, profits and labor shortages.
The research and development credit was recently amended to make it more beneficial for small startups that cannot use an income tax credit in their critical early years of operation. See who qualifies to take the credit against payroll taxes, how to make the election, how to calculate the credit and how to report it.
Stocks continued falling in early trading today amid renewed concerns about US-Chinese trade tensions. The Dow Jones Industrial Average declined more than 500 points shortly after the opening bell, adding to a 799-point loss Tuesday.
Many benefits can result from conducting a risk-based internal audit, which focuses on the risks that emerge as an organization pursues its business goals, Pedro Tavares writes. Such an audit differs from a traditional audit because, rather than revolving around the audit cycle, it makes a priority of the riskiest areas identified in a business-risk evaluation, Tavares writes.
The AICPA's Auditing Standards Board will release a standard on audits of financial statements of employee benefit plans subject to the Employee Retirement Income Security Act of 1974. The standard, once finalized, will have new requirements in several areas, including engagement acceptance, governance-related communications, and audit risk assessment and response, and it will involve a new report format for ERISA section 103(a)(3)(C) audits.
The California Corporations Code allows for shareholders to inspect a company's accounting books as well as its minutes of shareholder and board meetings for a "proper purpose." Lawyer Keith Bishop points to a court case in which ineffective internal controls over financial reporting were deemed a basis for such an inspection.