Even though changes in Form SF-SAC (Data Collection Form) from the Federal Audit Clearinghouse (FAC) may not sound significant, there are some potential “gotchas” entities should be aware of. Most importantly, you must now include text describing audit findings, the associated corrective action…

On October 16, 2019, the FASB unanimously voted to finalize a set of split deferrals on new accounting rules for credit losses on loans, leases, hedging and long-term insurance contracts. These are four of the most significant new accounting standards introduced in decades. This vote comes amid…

Many companies pay interest on variable rate loans, based on the London Interbank Offered Rate (LIBOR). In response to a series of scandals in which regulators uncovered banks colluding in an attempt to manipulate LIBOR and profit from financial instruments supported by LIBOR, LIBOR will phase…

Most manufacturers, distributors and retailers spend a considerable amount on salaries and bonuses, which means that federal and state unemployment insurance can represent a substantial cost of doing business. Fortunately, although there may be variations depending on the states where you have…