On May 23, 2012, significant steps were taken by the AICPA and the Financial Accounting Foundation (FAF) Board of Trustees, which is the oversight Board for the FASB and the GASB. The FAF announced its decision to establish a new body to improve the process of setting accounting standards for private companies. This decision is the result of a multi-year process which was undertaken by FAF to seek and consider extensive public commentary on the issue of Private Company GAAP.
The new group, the Private Company Council (PCC), will have two principal responsibilities which include: 1) addressing the needs of users of private company financial statements through modifications or exceptions to current GAAP and 2) serving as the primary advisory body to the FASB on the appropriate accounting treatment of new accounting standards for private companies.
The AICPA believes FAF has taken solid steps in the right direction and is encouraged by this approach. The AICPA has also announced plans to develop another comprehensive basis of accounting (OCBOA) financial reporting framework for privately held small and medium-sized entities that do not need U.S. GAAP financial statements. Continue reading »
Ohio will soon be closing its General Tax Amnesty Program that is available for both individuals and businesses. This program began on May 1st and is scheduled to end June 15, 2012. The purpose of this program is to encourage those who have previously unreported or underreported tax liabilities to correct these errors. Specifically, the program is for the following taxes:
- Individual Income
- Individual School District Income
- Commercial Activity Tax (CAT)
- Sales and Seller’s Use (Consumer’s Use Tax is under a separate Amnesty Program)
- Employer Withholding
- School District Employer Withholding
- Corporation Franchise
- Pass-Through Entity
- Estate
- Gross Receipts of a Natural Gas Company or a combined Electric and Gas Company
- Motor Fuel
- Cigarette or Other Tobacco Products
- Dealers In Intangibles Continue reading »
The valuation provisions in the buy-sell dimension of most shareholder agreements might not work as intended. Here’s why: the valuation mechanism gets long in the tooth because it’s not revisited; therefore, when there’s a ‘triggering event’ (death, disability, retirement, etc.), the provision is out of date. Moreover, it might not have been the correct provision to start with. It might not have been funded. Key terms might not be defined accurately. Each of these can lead to litigation and, at a minimum, hard feelings, strain on family relationships, and avoidable friction. Will your buy-sell agreement work as intended?
Join presenter, Eric Blocher, CPA, CVA, Principal with McKonly & Asbury, for this webinar – Buy-Sell Agreements: Will Yours Work…or Add Fuel to the Fire? – and learn the essential valuation criteria that should be in every buy-sell agreement. It is never too late to fix it! Added bonus: we will review at no charge to you the valuation clauses in any shareholders’ agreement.
This free, hour-long webinar will take place on Thursday, June 21st at 2:00 p.m. EST, and CPE credit is available.
Reserve your webinar seat now by clicking here:
https://www1.gotomeeting.com/register/241845024
After registering, you will receive a confirmation email containing information about joining the webinar.
For more information, please contact us at info@macpas.com.
We had another great webinar yesterday presented by Dave Hammarberg (Director of IT and Consulting Senior Manager) and Samuel BowerCraft (Senior Manager) of McKonly & Asbury on Fraud Engagement from A to Z! Thank you to everyone that attended and received CPE credit.
We reviewed some great tips and insight on step-by-step detailed walk through of an actual fraud engagement including the steps of Suspicion, Company Action, CFE Engagement, Discussion/Evaluation, Information Review, Interviews, and Reporting.
Check out our Upcoming Events page for news and updates on our future seminars and webinars.
For more information on this topic or to submit a question for Dave or Sam, use our contact page at http://www.macpas.com/contact.
Watch a recording of the presentation below.
Youtube link http://youtu.be/QimHvjmPRhc
Virtually all not-for-profit organizations (NFP) rely on donations in order to fund programs and operations centered at meeting their defined mission. While most donations are made in cash, often these donations include securities. Securities are defined as “a share, participation, or other interest in property or in an entity of the issuer or an obligation of the issuer” and most commonly take the form of shares of corporate stock, bonds, or other investments. When a NFP sells donated securities in order to utilize the cash for operations, or other purposes, they are left with an accounting decision on how to report these inflows on their statement of cash flows. The Financial Accounting Standards Board (FASB) issued an exposure draft on April 17, 2012 to help clarify these reporting requirements.
The FASB concluded that immediately converting donated securities to cash is economically similar to receiving a cash donation, and accordingly, the cash inflows from this type of transaction should be a component of cash flows from operating activities, rather than cash flows from investing or financing activities. The criteria established by the FASB for operating cash flow treatment are: Continue reading »
McKonly & Asbury recognizes the critical importance that the nonprofit sector plays in our community. Always striving to be a valued resource to keep you on the forefront of emerging nonprofit accounting and tax matters, we are excited to invite you to join us on Monday, June 4th for a Nonprofit Seminar!
Hosted by McKonly & Asbury, this seminar will provide timely, relevant topics to nonprofit organizations and will be held at the Giant Community Center in the Giant Food Store located at 3301 Trindle Road, Camp Hill, PA. Registration and breakfast will begin at 8:30am and the seminar will run from 9:00am until 12:00pm. The cost to attend is $25 and CPE credits will be available.
A glimpse of the morning’s speakers and topics are as follows: Continue reading »
We had another great webinar yesterday presented by Katie Nix (Human Resource Manager) and Suzanne Sentman (Human Resource Coordinator) of McKonly & Asbury on Retaining Your Top Talent! Thank you to everyone that attended and received CPE credit.
We reviewed some great tips and insight on hiring and keep great employees. We reviewed strategies such as; inclusion culture, buddy and mentor programs, special and unique benefits, and stay interviews.
Check out our Upcoming Events page for news and updates on our future seminars and webinars.
For more information on this topic contact Katie or Suzanne at info@macpas.com.
Watch a recording of the presentation below.
Link to video http://youtu.be/jnRzokkiDDQ
McKonly & Asbury offices will be closed this Friday, April 20th as we celebrate the end of another successful tax season. M&A thanks all of our wonderful team members for their hard work and dedication this tax season. We know that our people are our greatest asset and that M&A’s success is a direct result of your efforts! We also thank our clients and friends in the community for your continued trust in us as your accountants and business advisors. Thank you!
McKonly & Asbury’s Entrepreneurial Services Group invites you to join us for our 4th Annual Business Seminar for Entrepreneurs on May 31! Sponsored by Pavone and Paytime, this year’s seminar focuses on updates and matters affecting your business and you, as an entrepreneur.
The seminar will be held on Thursday, May 31, 2012 at the Giant Community Center in the Giant Food Store located at 3301 Trindle Rd., Camp Hill, PA. Registration and breakfast will begin at 7:30am and the seminar will run from 8:00am until 12:00pm. There is no charge for this seminar, and CPE credits are available. Continue reading »
Join us for the first webinar in our summer webinar series entitled “Fraud Engagement from A to Z”. Presenters Dave Hammarberg, Director of IT and Consulting Senior Manager, and Samuel BowerCraft, Senior Manager, of McKonly & Asbury will take you on a step-by-step detailed walk through of an actual fraud engagement.
This free, hour-long webinar will take place on Thursday, May 17th at 2:00 p.m. EST, and CPE credit is available.
Reserve your webinar seat now by clicking here:
https://www1.gotomeeting.com/register/771424880
After registering, you will receive a confirmation email containing information about joining the webinar.
For more information, please contact us at info@macpas.com.
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