Q1 2022 Accounting Updates

With the ever-changing landscape of accounting standards, it's crucial to stay on top of the latest updates. This article will provide an overview of fundamental changes businesses need to be aware of from the first quarter of 2022.

Updated Guidance for How Healthcare Entities Account for Contributions of Vaccines or other Pharmaceuticals, Medical Supplies or Equipment

Not-for-profit and for-profit health care providers recently received additional accounting guidance for donations of certain types of medical items.

Accounting Implications Arising from the Russia-Ukraine War

The ongoing crisis in Ukraine has sent shockwaves through the global economy, with investors facing an unstable market and the Russian currency taking a sharp dive.

3 Ongoing Challenges with Revenue Recognition Accounting

When the changes to revenue recognition under ASC Topic 606 were introduced in 2014, it marked one of the most significant accounting changes in history.

IRS Provides Transition Relief for New Schedules K-2 and K-3

On February 16, the IRS issued additional relief for certain pass-through entities required to file new Schedules K-2 and K-3, along with a set of “Frequently Asked Questions.”

SEC Proposes Disclosure Requirements for Hedge Funds and Private Equity Funds

New proposed SEC regulations would affect reporting for hedge funds and private equity funds.

Proposed Requirements for Private Fund Advisors Aim for Transparency, Audits

Private fund advisors could face a financial statement audit and other reporting requirements under a proposed SEC rule change.

What to Know About SAS 136: A New Audit Standard for ERISA

The following provides a recap about what the new standard for ERISA employee benefit plans will mean for plan management and the ERISA Section 103(a)(3)(C) audit process

New Reporting and Disclosure Requirements for Contributed Nonfinancial Assets or Contributed Services for Not-for-Profit Organizations

A September 2020 accounting update will affect accounting for cash donations for not-for-profit organizations.

Helpful Guidance: Addenda to the 2021 OMB Compliance Supplement

The OMB recently issued two addenda to the 2021 OMB compliance supplement.

Not-for-Profit Tax Updates to Know in 2022

Not-for-profits can ensure their filings are accurate and complete by staying up to date on tax changes.

Why Third-Party Risk Assessments are Essential for SOC 2 Reports

To get the most out of your investment in a SOC 2 report and truly protect your data, you’ll need a risk assessment of all dealings with 3Ps and outside vendors to evaluate your organization’s IT control processes and protect your data.

ASC 740 Considerations for Pass-Through Entity Tax Regimes

An increasing number of states are embracing an entity-level income tax on pass-through entities (PTEs) as a way to mitigate the $10,000 deduction limit for state and local income taxes (SALT cap).

Why Private Equity and Venture Capital Firms Should Early Adopt This Debt Accounting Update

The Financial Accounting Standards Board (FASB) has been evaluating accounting standards for the past several years to identify the requirements that could be streamlined.

State and Local Tax Compliance Issues for Remote Workers

This article will address some of the state and local tax compliance issues affecting your remote worker arrangements.

Demystify the SOC 2 Risk Assessment

With the importance that information security continues to have in enterprise and vendor risk management, your organization may find itself needing a System and Organization Controls (SOC) 2 report sooner rather than later.

How Shuttered Venue Operator Grant Recipients Can Get Ready for a Single Audit

Due to the various damages and hardships caused by COVID-19, the federal government created the Shuttered Venue Operators Grants (SVOG) program as part of both the Consolidated Appropriation Act (CAA) of December 2020, and American Rescue Plan Act (ARPA) of March 2021.

4 SEC Compliance Trends Fund Managers Should Monitor in 2022

Highlights from the recent press release of SEC enforcement findings.

MHM Appoints New President and Chairman

MHM announced that Andy Burczyk has retired and that Andrew Gragnani has been appointed the new President for the organization.

Measuring a Lease: How to Determine Incremental Borrowing Rate

A deep dive into the lease discount rate determination process to guide private companies in their adoption process.

2022 Accounting Preview

A quick preview of what’s changing for 2022 reporting and what these accounting updates mean for you.

3 Things Manufacturers Need to Know About Their Accounting for Leases

As the manufacturers continue to address ramifications from pandemic-related supply chain disruptions, inflation concerns, and other market factors, another development has arrived for private companies that lease assets such as heavy machinery and equipment.

Changes in Lease Accounting Are About to Get Real for CRE

The long-awaited deadline has finally arrived for private companies to adopt the new lease accounting standard, ASC 842, which changes how organizations account for leases.

What to Expect this Upcoming Tax Season

Here are the top stories for the 2022 tax season.

Top Emerging Cybersecurity Trends for 2022

Emerging cybersecurity trends for 2022 and how your company can prepare for them.

4 Ways to Make Your First SOC 2 Report Easier

The first time you undergo a SOC 2 report, there may be some challenges, so it's important to know what to expect.

3 Ways Lease Accounting Technology Solutions Help ASC 842 Adoption

Here are three ways lease accounting technology assists with the adoption of the new lease accounting standard.

Top Tax Planning Considerations for 2022

Because timing is key for tax strategies, here are provisions that will have the biggest impact on 2022 plans.

4 Key 2022 Trends Facing Public Companies

Here are four trends public companies can expect to face in 2022.

Reminder: Goodwill Impairment Accounting Election Available for Private Entities

An accounting election simplifies impairment considerations for private companies and not-for-profit organizations.

5 Financial Trends from 2021 That Could Affect the New Year

Here are the top five accounting articles of the year.

FASB Provides an Expedient for Stock Compensation Guidance for Private Companies

Private companies have a simplified accounting election for stock compensation reporting.

FASB Releases Guidance on Disclosure of Government Assistance

An accounting standards update affects companies that took advantage of COVID stimulus programs.

Adopting ASC 842: Where Are Your Leases Hiding?

Inventorying leases is an important first step in ASC 842 adoption.

A Change to Business Combinations to Consider Early Adopting

An accounting change may make early adoption of a business combination provision more appealing.

Private Companies Given Greater Flexibility in Using the Risk-Free Discount Rate for Lease Accounting

A new lease accounting standard may make adoption more cost-efficient for private entities.

Reviewing the Advantages of a SOC 2 Security Framework

The selection of the right information technology security control framework often comes down to a couple of key factors. This article helps decipher which IT security framework might suit your business best.

Prepare for Impact: Navigating the R&D Tax Incentive Changes

The forthcoming changes to the research and development (R&D) tax deduction will affect companies in all stages—from startups to multinational corporations with global interests.

Managing the Retroactive Repeal of the Q4 Employee Retention Tax Credit

The Infrastructure Investment and Jobs Act will bring an early sunset to the popular Employee Retention Tax Credit program.

Prepare for the Impact of Lease Accounting on Your Financial Statement

A quick overview of what to expect so your company can be better prepared for its new reporting obligations under the new lease accounting standard, ASC 842.

No More Delays to Lease Accounting Changes

The FASB ruled that lease accounting’s effective date will not be adjusted again.

What to Expect from Your 2021 Audits and Reviews

Business practices continue to evolve, and the accounting world is no different. For organizations that receive audits — including those that receive financial statement reviews — there are developments affecting accounting department and changes in the way audits and attest services are being conducted that may affect your experience with your auditor.

Transfer Pricing Issues in the Changing Global Tax Climate

A wave of proposed legislation could dramatically impact estate planning techniques, including gifts made through trusts.

Build Back Better Plan Tax Proposals May Affect Your Estate Plan

A wave of proposed legislation could dramatically impact estate planning techniques, including gifts made through trusts.

4 Employee Benefit Plan Stories to Monitor in Q4 2021

Employee benefit plan sponsors have their hands full when it comes to monitoring regulatory trends and other updates that may affect plan operations, administration and compliance. The following developments may be of interest to your plan compliance, particularly in the months ahead.

SOC 2: The Solution to Tedious Security Questionnaires

Vendors and customers are understandably concerned about IT security in our current environment of data leaks and cyber-attacks. One of the ways cybersecurity concern manifests for service organizations is through information security questionnaires.

These 3 Ws Are Key Takeaways from Recent Cybersecurity Incidents

Findings from high profile data breaches, from the SolarWinds Hack to the attack on hotel chain Marriott, provide indicators of how malicious cyber actors can infiltrate an organization’s security protocol that your organization may find useful for planning.

3 Key Audit Risks That Affect Broker-Dealers

There are issues that affect audits of nearly all broker-dealers. Understanding these audit risk areas can help guide your organization’s selection of a qualified auditor.

Partnership Tax Law Changes In Focus under Draft Infrastructure Legislation

The House Ways and Means Committee and the Senate Finance Committee, the two primary architects of tax legislation in Congress, have each released competing plans for tax legislation that would impact partnerships.

Improve Your Responsiveness to Ransomware

As ransomware style attacks grow in frequency and magnitude, organizations need to be prepared for the new information security threats they face.