This year started out with a whimper compared to last year’s angst over the roll out of the Tax Cuts and Jobs Act (TCJA), particularly as 199 appeared to be axed and replaced by 199A. That was probably one of the most trying times as we attempted to digest and disseminate information as it was...

We are seeing more use of non-qualified patronage from the regional cooperatives. Treatment of these allocations varies from client to client, firm to firm, etc. Even our decision may change as we see the regional indicate or demonstrate they intend to revolve the non-qualified patronage. For example, CoBank specifically indicates they have no intention of...

On April 7th, 2015, the Financial Accounting Standards Board (FASB) unveiled new accounting standards updates. One notable update is the modification to debt issuance costs. This new accounting treatment, as part of the Board’s Simplification Initiative, is aimed at reducing costs and complexities and improving the usefulness of information provided to financial statement users. This...

Before too much attention is placed on the new Accounting Standards Update issued earlier this year, it is important to remain cognizant of the updates from 2014 that have not yet taken effect. Annual periods beginning after December 15, 2016, will be subject to certain disclosures regarding going concern in accordance with FASB ASU 2014–15....

WHAT WE HAVE SEEN IN 2014 Credit unions have seen their profitability continue to stabilize in 2014 when compared to 2012. Through the first six months of 2014, credit unions have maintained a return on assets of 0.80%. For the first half of 2014 the interest margins continue to tighten as yields on loans have...

The busiest time of year for external financial statement auditors generally runs from January to April each year. But CPAs usually start gearing up for audit season in November of the preceding year. Accountants meet with clients, assign staff and schedule fieldwork. Then, the team conducts preliminary financial analytics, observes physical inventory counts, assesses risk factors...