Prepare Now to Implement Topic 326 – Current Expected Credit Losses (CECL)
By: Susan Colladay, CPA, Partner, Audit Announced by the Financial Accounting Standards Board (FASB) in 2016, Accounting Standards Update (ASU) 2016-13: Financial Instruments – Credit Losses (Topic 326) is also referred to as Current Expected Credit Losses (CECL). The new standard improves financial reporting by requiring more timely recording of credit losses on loans and…
Understanding the Difference between Overhead and G&A
By Paul Calabrese, Principal, Outsourced Accounting & Advisory Services If you’re like many government contractors (GovCons), the theory behind indirect rates is difficult to understand. Unfortunately, many GovCons set up an overly complex, 3-tier indirect rate system and discover later that it is not required at the onset. To help small and emerging contractors better…
Tips & Tricks of the Month from Sage Intacct: Interactive Custom Report Writer
Meet your specific reporting needs with Sage Intacct Interactive Custom Report Writer (ICRW). The ICRW is a modern visual reporting tool that delivers ease and speed of report creation. It offers an enhanced user experience along with analytical tools to address complex reporting needs. Learn More
Overcoming Confusion Regarding FAR Cost Principles
By Paul Calabrese, Principal It may surprise you, but even government agencies get confused when it comes to which cost principles apply to a commercial government contractor (GovCon) versus a nonprofit organization. Typically, GovCons obtain federal procurement contracts while nonprofits receive financial assistance awards as grants or cooperative agreements. So, what happens when the agency…
Updated Management Responsibilities Under SAS 136
by Jennifer McCahill, CPA, Partner The implementation of SAS 136 is finally here. After being delayed an additional year during the pandemic, this new standard represents the first significant change to employee benefit plan audits in the past several years. For organizations subject to an audit of their retirement plan, below are several changes that…
New Lease Standard: Practitioner Tips for Implementation of Topic 842
After helping numerous clients implement Accounting Standard Update (ASU) 2016-02, Leases (Topic 842), GRF’s team of audit specialists has compiled a list of tips, from their perspective as practitioners, to help organizations struggling with the new standard. Before considering the steps outlined below, it’s first helpful to understand the impact of Topic 842. Overview of…
Tips & Tricks of the Month from Sage Intacct: Using Checklists
Need to keep track of your team’s tasks and progress? Check out Sage Intacct’s Checklist feature, which is available to all subscribers of Sage Intacct. Intacct’s Checklists, mentioned in the 2021 release highlights, offers a more efficient way to assign tasks, enabling you to track high-level activities and clearly see the status of all tasks…
Nonprofits Should Prepare Now to Accept Cryptocurrency
By Omid Mohebbi, CPA, Audit Manager, GRF CPAs & Advisors (GRF) Over the past year, there has been exponential growth in both the volume of cryptocurrency (crypto) donations to nonprofits and the number of nonprofits accepting such donations, either as cryptocurrencies or as liquidation to cash at the time of donation. This growth has been…
Sage Intacct Financial Planning & Analysis
By Luis Rivera Financial Planning & Analysis (FP&A) plays a vital part in an organization’s ability to create accurate budgets and forecast trends. Companies remain consistently valuable and profitable with meticulous attention to financial planning and cash flow management. Many companies recognize the need FP&A, but have not been able to fully integrate this function…
5 Checklist Items for a More Effective Month End Process
By: Luis Rivera The end of the fiscal year is the most important closing period for most companies. To make this process smooth and efficient, organizations should have a well-planned month-end closing process in place. If done correctly, these closings can help your organization stay in good financial standing, as they allow you to track…