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    Limited Liability Entities Considering Some Accounting Issues

    Report While much of the accounting authoritative technical literature used in financial reporting by LLCs is the same literature used by other types of reporting entities, there is some literature including requirements uniquely-applicable in financial reporting by LLCs.
    Published on August 03, 2014

    Employee Stock Ownership Plans Unique Accounting and Reporting Issues for Employers

    Report An employee stock ownership plan (ESOP) is a specific way to share ownership with employees and a way to provide tax benefits to the company, those who sell stock to the ESOP, and employees. Employers’ accounting for ESOPs is governed by FASB Accounting Standards Codification (FASB ASC) Topic 718, Compensation—Stock
    Published on August 04, 2014

    Not For Profit Entities Recent Peer Review Findings

    Report The AICPA Peer Review team recently released examples of matters identified in peer reviews related to not-for-profit entities. This report covers some of the more commonly identified issues, including tax disclosures, net assets classification and disclosure, donated goods and services, and the statement of functional expenses.
    Published on September 17, 2014

    Final Rule Adopted Fair Value Disclosures May Be Affected

    News On July 23, 2014, the Securities and Exchange Commission (SEC) voted to adopt a Final Rule designed to limit the risk of investor runs on money market funds. The Final Rule requires institutional prime money market funds to move from a stable $1 per share net asset value (NAV), to
    Published on July 28, 2014

    Not-for-Profit Entity Fair Value Measurements Some AICPA Financial Reporting Whitepaper Guidance

    Report For many involved in financial accounting and reporting processes of not-for-profit [NFP] entities, one of the more onerous challenges relates to properly-considering and, where applicable, properly-complying with the fair value measurement and disclosure requirements in FASB ASC 820.
    Published on August 03, 2014

    NFP Entity Summarized Comparative Information Compilation & Review Reporting Issues

    Report It is not uncommon for not-for-profit [NFP] entities to have financial statements prepared where prior period comparative information is presented in total rather than by net asset class.
    Published on August 03, 2014

    New Employee Benefit Plan Audit Risk Areas Disclosures of Offsetting Assets and Liabilities

    Report In response to significant broad scope concerns of ASU 2011-11, the FASB issued ASU 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This update limits the scope of the disclosure requirement within ASU 2011-01 to derivatives, repurchase and reverse repurchase agreements, and securities
    Published on September 17, 2014

    Employee Benefit Plan Audit Update DOL Developments and New Reporting and Disclosure Recommendations

    Report Recently, the Employee Benefits Plan Security Administration has performed an assessment of firm quality based on firm size and provided their findings and suggestions. In addition, the Financial Reporting Executive Committee of the AICPA released an overhaul of the Employee Benefit Plan Accounting and Auditing Guide that includes several financial
    Published on August 04, 2014

    Not-For-Profit Entities Exchange Transactions vs. Contributions

    Report Often, not-for-profit [NFP] entities generate revenue from exchange transactions and from contributions and, at times, it appears that the line is blurred related to the appropriate accounting for the revenue stream.
    Published on August 03, 2014

    Defined Contribution Plans Some Current Issues

    Report As practitioners are preparing to perform current-year audits of benefit plans, certain issues deserve a heightened degree of awareness.  In some cases those issues are audit-related issues and, in other cases, the issues relate to ensuring that items, events, and transactions are properly-presented and disclosed in financial statements.
    Published on August 03, 2014

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