MLR

Category: Audit

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For-profit subsidiaries of not-for-profit organizations are strikingly diverse. Consider these real-life examples: In one part of the country, a not-for-profit health maintenance organization (HMO) creates a for-profit subsidiary to offer health insurance unavailable through HMOs.

In the context of mergers and acquisitions, potential investors get a level of assurance when the investment target is audited.  However, relying solely on the target’s audited financial statements when making an investment decision could be shortsighted.

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The first three Private Company Council-developed Accounting Standards Updates are effective for the first annual period beginning after Dec. 15, 2014, and interim periods within annual periods beginning after Dec. 15, 2015. Accordingly, many entities will be issuing financial statements applying these updates for the first time this coming reporting season. (11/23/2015)

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New guidance in Accounting Standards Update (ASU) 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments, eliminates the current requirement to retrospectively present any adjustments made during the measurement period and may increase the use of the measurement period as a result. (11/9/2015)

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A number of accountants fall short in complying with FASB Accounting Standards Codification 230, Statement of Cash Flows, when preparing the statement of cash flows, according to recent research. It’s important to detail common deficiencies and discuss authoritative guidance. (10/26/2015)

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The Office of Management and Budget has issued information about new regulations related to entities and audits of entities that expend federal awards. In addition, there is information about the most frequent violations found in the financial statements of governments and not-for-profit entities. (10/12/2015)

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Once only seen on Wall Street, interest rate swap derivatives have migrated to Main Street and become a common way for companies to attempt to borrow with a fixed amount of interest. These interest rate swap derivative arrangements are typically receive-variable, pay-fixed with underlying pay-variable rate debt. (9/28/2015)

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Dress rehearsals are critical in the theater world, a time for actors and crew to make sure everything will run smoothly on opening night. The same might be said of audits, which are costly, both in time and money. Being proactive and regarding the audit as an opportunity to improve operations and accuracy can align your company for success. (9/14/2015)

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When public accounting practitioners perform review engagements, evidence obtained through the performance of analytical procedures and inquiries generally provides the basis for obtaining limited assurance that the financial statements are in accordance with the applicable financial reporting framework. (8/31/2015)

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The standards on fair value measurements and disclosures can prove challenging to understand and implement. It would be wise to focus on some common issues or shortcomings related to complying with the standards on fair value disclosures. (8/17/2015)