How Not-for-Profit Grants and Contracts Effect Revenue Recognition under ASC 606
Steps to Help Not-for-Profits Scrutinize their Revenues for Impact from Recent Accounting Standards The time has come for many not-for-profits to incorporate ASC 606 Revenue from Contracts with Customers in their GAAP financial statements. This overhaul to the model of recognizing revenue with customers has left many questioning what funding
Private Company Relief – FASB Approves Delay of Effective Dates for Changes in Lease Accounting and Credit Loss Accounting
In our previous coverage of the Financial Accounting Standards Board (FASB) proposal to delay Changes in Lease Accounting and Credit Loss Accounting in July of 2019, we reported that the FASB voted in favor of one-year delays in the effective dates for non-public entities. At their most recent meeting in
Does Your Ohio 401(k) Plan Need An Audit?
Some Ohio 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
DOL Relaxes 401(k) Rules for Small Businesses
On July 29, 2019, the U.S. Department of Labor released a final ruling that allows smaller businesses to link together and create joint 401(k) retirement plans for employees. This ability to link plans, historically restricted to businesses with common ownership, can provide significant cost savings as these joint plans will
Private Company Relief – FASB Proposes Delay of Effective Date for Changes in Lease Accounting and Credit Loss Accounting
Due to the challenges placed on non-public companies to implement the new standards on lease accounting and accounting for credit losses, the Financial Accounting Standards Board (FASB) voted on July 17, 2019 in favor of one-year delays in the effective dates for non-public entities. The delay will not be confirmed
How Benefit Plan Leaders Use Cybersecurity to Protect Participant Data
On June 13, 2019, Barnes Dennig and The Rinehart Sussli Financial Group of UBS hosted a group of experienced professionals for the sixteenth Annual Employee Benefit Plan Seminar. Given that retirement plans are a valuable tool for rewarding and attracting top talent, our goal is to help the business community