The straight line

The Governmental Accounting Standards Board (GASB) has issued Statement No. 84 Fiduciary Activities, effective for the fiscal year ended June 30, 2020. The goal of this Statement is to enhance the consistency and comparability of fiduciary activity reporting. This statement establishes criteria for identifying fiduciary activities and determines how fiduciary activities should be reported.  The...

With Accounting Standards Update (ASU) 2019-10, the FASB has effectively delayed three standards from their original implementation date. These standards with new effective dates are: ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU provides transitions from an incurred loss model to an expected loss model...

With the turn into the new decade, we want to urge our clients to assess and prepare for the years ahead by taking stock of their organization’s exposure to fraud. In the course of our audits, we have seen firsthand how technology’s role in our clients’ organizations has grown. The reliance on technology has increased...

On December 20, 2019, President Trump signed the end-of-year spending and tax extension package into law. This package includes: A five-year extension of the $1 per gallon biodiesel blenders tax credit. An extension of the Work Opportunity Tax Credit (WOTC) through the end of 2020. The WOTC is a federal tax credit available to employers that hire and...

It’s that time of year when we reflect back on what happened over the past year. In many ways, 2019 looked very similar to 2018. That’s not necessarily a good thing. Most of you couldn’t be done with 2018 fast enough. Once again, we saw a very wet spring.  We thought the spring of 2018...

I believe the general consensus is that everyone is glad to have 2019 behind us!  What does 2020 hold for the industry and our clients?  As always, our perspective comes from being involved in your audits, board and annual meetings, planning sessions, visiting with management and being immersed in agriculture.  Here are our thoughts: Capital...