Thought Leadership

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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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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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Health Care Companies Weigh In on Debt Classification

The Financial Accounting Standards Board (FASB) issued a proposal in September 2019 to simplify the classification of debt. Some health care organizations have raised concerns about the effects of the proposed changes on their financial metrics and debt covenants. The health care sector will get…

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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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Double Take — Should you Reevaluate the R&D Credit?

Popularly known as the R&D credit, the federal tax credit for increasing research and development activities can be a valuable break for manufacturers. An eligible company’s tax liability can be reduced as much as 7.9 cents (or more if state research credits are available) for each dollar of…

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