OMB Approves Compliance Supplement Addendum for COVID-19 Programs
On December 22, 2020, the Office of Management and Budget approved and posted the Compliance Supplement Addendum for COVID-19 programs administered in 2020. This addendum is effective for audits beginning after June 30, 2019. The reason for the addendum is to provide guidance for entities with COVID-19 program expenditures that
Securing a Strong Retirement Act of 2020
COVID-19 has had a monumental impact on the economic landscape in 2020, and the repercussions will be felt long after the year is over. While economic studies of retirement contributions for 2020 have found that most participants stayed the course during the pandemic and continued regular retirement contributions, the overwhelming
Accounting & Auditing Standards Event Covers COVID-19 Considerations
Hundreds of financial professionals joined Barnes Dennig’s annual Accounting and Auditing Standards event on September 16 to gain insight into accounting considerations for the COVID-19 recovery economy. In a 90-minute session jam-packed with information, insight, and real-world examples, accounting industry thought leaders Tom Groskopf and Matt Rosen led attendees on
What Public Companies can Teach Us About Lease Accounting
In 2016, the FASB issued the lease accounting standard (ASU 2016-02, Leases (ASC 842)). The impact of this standard is significant as almost every company will see their balance sheet change as a result of the standard. However, it is debatable as to whether this standard is more significant than
Does Your 401(k) Plan Need An Audit?
Some businesses’ 401k and retirement plans are too small to need an external audit. Generally speaking, only when your participant count exceeds 100 will you be required to conduct a benefit plan audit. However, there is one exception to this general rule. The “80-120 rule,” as it is commonly known,
Why Private Companies Should Implement the New Lease Standard Today
Even though the Financial Accounting Standards Board (FASB) approved delays in the effective dates for non-public entities, private companies should take advantage of this relief to learn and understand the intricacies of the new lease accounting standard, and begin implementation as soon as possible. Here are five potential reasons why