As we enter into another audit busy season, I have started my standard exercise of compiling a list of frequently encountered audit and accounting issues that require research, additional analysis and often times detailed disclosures and even material adjustments to my client’s financials. An oft-recurring theme is the existence of related party transactions and how such transactions are recorded and disclosed.
Below are a few frequently asked questions on this subject that merit our attention: (more…)
By Michael McAndrews, Principal
ASL Technology Group
Tech community, take note: new legislation may be changing the way employee stock options are taxed. In an effort to strengthen growing companies and promote stronger employee ownership, Senators Dean Heller (R-NV) and Mark Warner (D-VA) recently introduced The Empowering Employees through Stock Ownership Act (EESO), which aims to give employees greater flexibility when handling the tax liabilities associated with their stock options. (more…)
By Abe Livchitz, Senior Tax Manager
ASL Construction Group
Most contractors are very careful to keep a close eye on project costs such as labor and materials. But direct job costs like these are only part of the picture.
It is equally important to have a clear understanding of indirect costs such as rent, utilities, taxes and insurance. These costs must be accurately and consistently allocated among the various projects the company undertakes. (more…)
My first post about the FASB GAAP Simplification Initiative was in April 2015, and I have posted since then about specific GAAP changes under this umbrella that seemed to bestow the most widespread consequences for companies in Silicon Valley. Now seems like a good time to look back over the past year and a half for other GAAP simplification subjects you might not know about, but are not exactly esoteric topics. (more…)
By Abe Livchitz, Tax Manager
Contractors are unique clients operating in a specialized industry. They are resourceful, creative, thrive working under pressure of tight deadlines and constantly racing to stay ahead of economic downturns. To honor their uniqueness the tax code allows contractors to use two accounting methods that are distinctive to their business. (more…)
The updated guidance, issued in April 2015, covers fees paid by a customer in a cloud computing arrangement. Guidance for cloud computingvendors (or providers) already existed before this “Simplification Initiative” clarification. For more on the “Simplification Initiative”, see my previous post. This guidance for customers is applicable to private companies beginning with calendar year 2016, although earlier application is allowed. (more…)
Now a year later, it seems the inertia of IFRS adoption in the U.S. is about to play out in a more formal way. See my post of April 9, 2014 for a brief historical context leading us to today.
By Guest Blogger: Laura Gray, ASL Accounting Consultant
Boiling down the variety of options and the sales pitch of accounting software is difficult when your expertise is your business, not accounting! But the accounting software is critical to managing success for every small business. For years, the reigning champion of the marketplace has been QuickBooks which offers a very robust and easy to use platform for most small businesses. They are still the most widely used and accepted program but the world is changing.
If “adoption” means embracing the full scope of IFRS (International Financial Reporting Standards) and relinquishing U.S. GAAP (Generally Accepted Accounting Standards), then the answer is probably “YES”, at least for the foreseeable future.