Since the Financial Accounting Standards Board (FASB) began the process of enhancing the lease accounting standard in 2006, and after several delays of the implementation dates, it seemed that maybe this would never become a reality, but the time has come. Accounting Standards Codification 842 – Leases became effective for companies with fiscal years beginning...
keep readingWednesday, Governor Pete Ricketts signed LB-873 which provides relief from income and property tax. The new law lowers income tax for individuals by 1%, setting the rate at 5.84% by 2027. Further, this legislation will lower tax rates for businesses from 7.5% to 5.84% over the same time period. LB-873 also makes Social Security income...
keep readingBy: Matt Gardiner, CPA CFE Whistleblower hotlines are the most effective way to enable staff, customers, and vendors to report fraud and unethical activities occurring at your organization. Historically, this has meant maintaining an actual telephone line where whistleblowers could call in tips, however over the last few years these hotlines have evolved to include...
keep readingA year ago, I wrote, “When the pandemic started, I don’t think any of us would have anticipated that nearly a year later we would still be enduring the pandemic.” Well now, nearly two years later, every time we think we see light at the end of the tunnel, the virus develops a new variant...
keep readingIf we look back a year, who would have thought that 2021 would become 2020 2.0? I’m sure everyone had to deal with new challenges in 2021, such as supply chain issues, rising costs, the ongoing threat of virus mutations and staffing shortages to name a few. Despite these challenges, I was still glad to...
keep readingMateriality in an AuditAU-C Section 320, Materiality in Planning and Performing an Audit. Materiality is subject to the auditor’s professional judgment. We must consider the information needs of the financial statement users as a group. We apply materiality in (1) planning and performing the audit; (2) evaluating the effect of identified misstatements on the audit;...
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