GASB Issues Omnibus Statement
The Governmental Accounting Standards Board has issued an omnibus statement addressing a wide range of practice issues.
Not-for-Profit Accounting Update: Lease Accounting and Donated Assets (Contributed Nonfinancial Assets)
Many not-for-profits are in the first year of implementing the new lease accounting standard and may need guidance on where to start. Below-market leases or donated space also give rise to another new accounting update to consider.
Accounting System Adequacy — Compliance 101 — Down to Basics!
The SF1408, Preaward Survey of Prospective Contractor (Accounting System) details some sixteen specific requirements a potential contractor must meet for their accounting system to be considered adequate. To make compliance more understandable and attainable, we've compiled the following five capabilities contractors should implement and document in written policies and procedures.
High Inflation with Inventory? Consider a LIFO Election for the 2022 or even the 2021 Tax Year if You Received an Extension
When inflation is high, certain companies could use it as an opportunity to save on taxes. Electing LIFO for the 2021 tax year might be a smart move, but time is running out. It’s also not too early to begin evaluating LIFO calculations for 2022.
Changes Coming in 2022 for QuickBooks Desktop
In 2022, QuickBooks Desktop is migrating two of its products, Pro and Premier, to a subscription-only software. Small businesses and other organizations have a few options, but limited time to decide their next steps.
Paid Leave for Employees Impacted by COVID-19 in 2021
Some employers can give paid leave to employees impacted by COVID in 2021 and claim a payroll tax credit per the American Rescue Plan Act.
Webinar Recording: Are You Ready for ASC 842? Simplify Your Lease Accounting
As the recovery continues, many businesses and exempt organizations are taking another look at the new lease accounting standard and requirements. Learn how to simplify the process.
Change in Accounting for Certain Residential Rental Property
Certain types of residential rental property placed in service prior to 2018 can claim a shorter depreciation recovery period, potentially generating significant tax benefits. Affected taxpayers have until April 15, 2022 to file an amended return.
GSA Cancellation Emphasizes the Importance of a Compliant Cost Accounting System
The recent cancellation of the General Services Administration (GSA) $15Billion Alliant 2 Small Business (A2SB) contract highlights the need for small government contractors to have a properly evaluated cost accounting system.
Coronavirus: Financial Reporting Considerations
Source: RSM US LLP. PBMares is a member of RSM US Alliance. The effects of the coronavirus are evolving rapidly and are unique for each entity’s circumstances. In addition to addressing the serious operational impacts of the coronavirus, it is important that all entities consider how the coronavirus affects their financial reporting.