Category Archive: Audit and Assurance

Best Practices For Monitoring Retirement Plan Service Providers

Originally published by BDO USA By Beth Garner | National Practice Leader, EBP and ERISA Services Luanne Macnicol | Assurance Partner, Central Region Practice Leader As a plan sponsor it is good practice to formalize ...

Accounting Alternative for Private Entities in Evaluating Triggering Events for Goodwill Impairment

Summary The FASB issued ASU 2021-03[1] (“ASU”) to provide private companies and not-for-profit entities (“NFPs”) with an accounting alternative to evaluate triggering events for goodwill impairment only as of the end of each reporting period, ...

FASB Simplifies How Private Company Franchisors

Summary The FASB issued ASU 2021-02[1] (“ASU”) to provide franchisors that are not public business entities with a practical expedient to account for certain pre-opening services as distinct from the franchise license when identifying performance ...

FASB Offers A Practical Expedient On The Issuances of Equity-Classified Awards For Private Companies

Originally published by BDO USA By Jin KooProfessional | Practice Partner, Accounting | BDO USA Angela NewellProfessional  | Practice Partner, Accounting | BDO USA Summary The FASB issued ASU 2021-07 (1) (“Update”) to address the concerns ...

People Meeting

Your Deadline: July 2022 – 401(K) PLAN RESTATEMENTS

Every six years, the Internal Revenue Service (IRS) requires employers with qualified, pre-approved plans to restate their plan documents – reflecting changes that have occurred since the plan documents were created or last restated. For ...

Employees working together

SAS 136: What Plan Sponsors Need To Know About Upcoming Changes To ERISA Plan Audits

Click to Download Article Employee benefit plan sponsors and their auditing firms need to begin preparing for the adoption of Statement on Auditing Standards No. 136 (SAS 136), Forming an Opinion and Reporting on Financial ...

Boardroom Chairs

Questions for Audit Committees in Contemplating COVID-19 Impacts

As audit committees weigh the practical challenges of accounting, reporting and disclosing the impacts of COVID-19, the following series of questions are designed to assist audit committees in execution of their oversight roles and responsibilities ...

Discussing a Report

U.S. GAAP Accounting and Reporting Considerations for PPP Loans for Business Entities

The $349 billion Paycheck Protection Program (the “PPP”) is one of the largest provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”, or the “Act”) enacted on March 27, 2020. The ...

COVID-19 Impacts on Going Concern Assessments

Introduction to COVID-19 Impacts COVID-19 is a new and evolving crisis, which has been labelled a pandemic by many countries and institutions, including the World Health Organization. The full impact of COVID-19 is yet to ...

What Plan Sponsors Need to Know About DOL Enforcement and Red Flags

Being selected for a Department of Labor (DOL) audit is unwelcome news for nonprofit plan sponsors. Unfortunately, since benefit plans don’t directly impact programming and are extremely complex, nonprofits often rely too heavily on service ...

Topic 842, Leases – A View from the Check-Out Lane

In early 2016, the FASB issued ASU 2016-02, Leases (ASC 842). The new leasing standard was effective January 1, 2019 for public companies. Although the FASB recently deferred the effective date of the new standard ...

HUD Releases Guidance on Reporting 2019 PHA Executive Compensation

PIH 2019-21, published by HUD on August 2nd, provides information needed to report the latest round of PHA Executive Compensation data for 2018. The deadline to report 2018 salaries is October 18, 2019. New This ...