Effective System of Quality Control Documents
Posted by Wendy Reedy on March 15, 2020
Wendy Reedy
Every firm with an audit and assurance practice required to comply with the Statement on Quality Control Standard No. 8 (SQCS No. 8) must have a written Quality Control Document.
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Structuring Cloud Computing Arrangements to Ensure They Have a Positive Impact on Key Financial Indicators
Posted by Wendy Reedy on November 17, 2015
In April 2015, the Financial Accounting Standards Board (“FASB”) issued new guidance* on accounting for fees paid for cloud computing arrangements. How you structure your …
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FASB Update: Simplifying Income Statement Presentation
Posted by Wendy Reedy on January 16, 2015
On January 9, 2015, the FASB issued ASU [Accounting Standards Update] 2015-01, Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating …
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FASB Issues Pushdown Accounting Option
Posted by Wendy Reedy on January 13, 2015
Pushdown accounting is the reflection of the fair value of assets acquired and liabilities assumed in a business acquisition to the acquired entity’s financial statements.
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VIE Consolidation Exemption and Other Accounting Updates
Posted by Wendy Reedy on February 25, 2014
Private Company Council – Generated US GAAP Updates VIE Consolidation Exemption On February 19, 2014, the Financial Accounting Standards Board (“FASB”) endorsed the Private Company …
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Cost of Living Adjustments for Retirement and Health & Welfare Benefit Plans
Posted by Wendy Reedy on December 7, 2013
The IRS has released the 2014 Cost-Of-Living Adjustments for Retirement Plans and for Health and Welfare Benefit Plans. Retirement Plans Only changes are noted in …
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Who Needs an Employee Benefit Plan Audit?
Posted by Wendy Reedy and Catherine Faysal on November 25, 2013
Many companies sponsor employee benefit plans for their employees. Management may not be aware that certain plans require an audit to be completed by an …
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Safe Harbor Plans
Posted by Wendy Reedy on October 29, 2013
Traditional 401(k) plans are subject to restrictions on the amount of contributions that can be made by or on behalf of highly compensated employees (“HCEs”), …
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Meeting Your Fiduciary Responsibilities
Posted by Wendy Reedy on February 15, 2013
The United States Department of Labor Employee Benefits Security Administration’s resource “Meeting Your Fiduciary Responsibilities” is a …
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The Status of the Convergence of IFRS and US GAAP Revenue Recognition
Posted by Wendy Reedy on August 15, 2012
Revenue recognition has been one of the most difficult topics for the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) to address …
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Liquidation Basis of Accounting
Posted by Wendy Reedy on August 15, 2012
Prior to the FASB recently issuing the proposed Accounting Standards Update (ASU), minimal guidance was present to apply The Liquidation Basis of Accounting. Consequently, there …
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Financial Reporting Format for Small and Medium Sized Entities
Posted by Wendy Reedy on July 12, 2012
The AICPA has issued an FAQ on the Financial Reporting Framework (“FRF”) for Small and Medium Sized Entities (“SMEs”) that contains a relatively short design …
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Exposure Draft Released on New Lease Accounting Standards
Posted by Wendy Reedy on July 9, 2012
In August 2010, the International Accounting Standards Board (“IASB”) and Financial Accounting Standards Board (“FASB”), collectively called “the Boards,” issued an exposure draft on the …
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Safe Harbor 401(k) Non-elective Contribution
Posted by Wendy Reedy on January 28, 2012
Through the last half of 2008, it became clear that numerous employers, who never fathomed that they might have trouble funding a guaranteed safe harbor …
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Accounting Standards on Accounting for Leases
Posted by Wendy Reedy on March 1, 2011
The exposure draft has been issued and the comment period is over. The comment letters received identified several matters the FASB and IASB recognize require …
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Preparing for Your Employee Benefit Plan Audit
Posted by Wendy Reedy on February 28, 2011
As we head into spring, the audit of your employee benefit plan is likely nearing if you sponsor a plan with over 120 eligible participants.
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More Risk & Responsibility for Fiduciaries of Employee Benefit Plans
Posted by Wendy Reedy on December 20, 2010
Recent changes in the Department of Labor (DOL) and Internal Revenue Code regulations have created significant discussion regarding the required disclosure of fees for employee …
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Changes to Review and Compilation Engagements
Posted by Wendy Reedy on November 10, 2010
The Statement on Standards for Accounting and Review Services (“SSARS”) No. 19, as issued by the Accounting and Review Services Committee (“ARSC”), is said to …
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Fiduciary Responsibility Check List
Posted by Wendy Reedy on April 30, 2010
In addition to compiling documentation which will be requested by your Plan auditor, there are a few things plan sponsors should do annually to ensure …
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