Thought Leadership

Two Women Working Together at Desk

SEC Poised to Expand Audit Attestation Exemption

For most public companies, an auditor’s attestation is required under Section 404(b) of the Sarbanes-Oxley Act of 2002. The Securities and Exchange Commission (SEC) is finalizing a rule that would exempt more than 500 additional companies from this requirement. Several large investor protection…

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Income Statement

The Power Behind a Segmented Income Statement

For lenders or other outsiders, a companywide income statement may be enough to evaluate your company's financial performance. However, from management's perspective, a "segmented" income statement can provide valuable insight into key performance drivers and possible improvement strategies.

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Truck and Highway at Sunset

Cents-Per-Mile Rate for Business Miles Decreases Slightly for 2020

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-half cent, to 57.5 cents per mile. As a result, you might claim a lower deduction for vehicle-related expense for 2020 than you can for 2019.

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Clarifications on the Credit Loss Standard

Banks and creditor losses reporting from sourced loans will change with Accounting Standards Update (ASU) No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Accountants have some lingering questions about updated guidance details,…

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Stack of Books

Will Naming the Lead Auditor Improve your Audit Quality?

Rule 3211, Auditor Reporting of Certain Audit Participants, has raised doubts on producing the intended benefits as explained in a recent study. The Public Company Accounting Oversight Board (PCAOB) issued the rule at the end of 2015. It requires accounting firms to identify the name of the…

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Stop Light

Taking the Company on the Road

For business owners, salespeople and other employees, a company car can be a valuable benefit. Thanks to the Tax Cuts and Jobs Act of 2017 (TCJA), the luxury auto threshold went from $15,800 to an inflation-adjusted $50,000. This means now could be an ideal time to invest in business vehicles. The…

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What is "Materiality"?

Materiality is a concept used to determine what's important enough to be included in, or omitted from a financial statement. In late October, the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) voted to finalize a revised definition of materiality in…

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