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Recent News & Blog

  • On-time financial reporting is key in times of crisis

    Many companies are struggling as a result of shutdowns and restructurings during the COVID-19 crisis. To add insult to injury, some have also fallen victim to arson, looting or natural disasters in 2020.

  • Reporting discontinued operations today

    Marketplace changes during the COVID-19 crisis have caused many companies to make major strategic shifts in their operations — and some changes are expected to be permanent.

  • 3 steps to “stress test” your business

    During the COVID-19 crisis, you can’t afford to lose sight of other ongoing risk factors, such as cyberthreats, fraud, emerging competition and natural disasters. A so-called “stress test” can help reveal blind spots that threaten to disrupt your business.

  • Reporting embedded leases

    In 2016, the Financial Accounting Standards Board (FASB) published guidance that requires major changes to how leases are reported on financial statements. One area of the guidance that’s especially complicated relates to “embedded” leases. Updated guidance

  • Accounting for cloud computing arrangements

    The costs to set up cloud computing services can be significant, and many companies would prefer not to immediately expense these setup costs. Updated guidance on accounting for cloud computing costs aims to reduce differences in the accounting treatment for these arrangements.

  • What qualifies as a “coronavirus-related distribution” from a retirement plan?

    As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax.

  • Asset impairment is expected to hit 2020 financial statements

    Some companies are expected to report impairment losses in fiscal year 2020 because of the COVID-19 crisis. Depending on the nature of your operations and assets, the pandemic could be considered a “triggering event” that warrants interim impairment testing.

  • Is it time to outsource finance and accounting?

    Outsourcing may appeal to organizations that are currently struggling with mounting overhead costs during the COVID-19 crisis.

  • Revenue recognition and leases: FASB gives certain entities more time

    Private companies and most nonprofits were supposed to implement updated revenue recognition guidance in fiscal year 2019 and updated lease guidance in fiscal year 2021.

  • Overcoming the challenges of remote auditing during the COVID-19 crisis

    Many people are currently working from home to help prevent the spread of the novel coronavirus (COVID-19). Your external auditors are no exception. Fortunately, in recent years, most audit firms have been investing in technology and training to facilitate remote audit procedures.

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