Posted on Monday, August 22, 2016 by Brian Pallante
Workforce challenges continue to be top of mind for Northeast Ohio manufacturing and distribution leaders. Today more than ever, finding and retaining qualified manufacturing and distribution talent is among a company’s toughest tasks.
Posted on Friday, January 8, 2016 by Matt Seitz
Ken Haffey, CPA, CVA, CGMA, was recently interviewed by the BWC blog to reflect on his time as a board member. Haffey has served as chair of the Audit Committee since 2007 and is the only licensed CPA on the board.
Posted on Wednesday, November 4, 2015 by Dani Gisondo, CPA
It’s useful to bear in mind that a benefit plan is considered a separate entity from your business. A quality audit helps you carry out your company’s responsibility to file a comprehensive and accurate annual return for each plan each calendar year.
Posted on Wednesday, January 7, 2015 by Jim Suttie, CPA
In its continued effort to simplify financial reporting for private companies, the Financial Accounting Standards Board (FASB) has issued an update to its standards for accounting for business combinations. The update, Accounting for Identifiable Intangible Assets in a Business Combination, offers private companies an alternative method of accounting for certain acquired intangible assets. Main Concern […]
Posted on Monday, July 21, 2014 by Jim Suttie, CPA
Costly. Complex and Confusing. In an effort to make financial reporting and the potentially prohibitive cost associated with compliance a little easier to digest, the Financial Accounting Standards Board (FASB) has proposed two more Accounting Standards Updates (ASU). This could result in a welcome bright spot on the privately held business horizon. (Read the other […]
Posted on Monday, June 16, 2014 by Jim Suttie, CPA
A company effects a business combination, paying over and above the fair value at the time, creating an intangible asset (i.e. goodwill). Now, the company has an asset on its balance sheet that is subject to its own unique accounting rules, while not having particular relevance to users of those financial statements. Current U.S. generally […]
Posted on Wednesday, June 11, 2014 by Ryan Siebel
In my last blog, I highlighted acquisition accounting. Today, we'll recap what's going on with the recent changes in revenue recognition. On May 28, 2014, the FASB issued ASU 2014-09, Revenue From Contracts With Customers, which creates a new model for revenue recognition that supersedes most current accounting guidance. The new model includes the following […]
Posted on Friday, March 14, 2014 by Ryan Siebel
Under current accounting standards, private companies that enter into a business combination are required to record the assets acquired, including any intangible assets, at fair value. Any difference between the fair value of the assets acquired and the consideration paid is recorded as “goodwill”. As you are probably aware, the recently issued accounting guidance for […]
Posted on Thursday, January 16, 2014 by Jim Suttie, CPA
Insurance. We’re all familiar with personal, health and automotive coverage and what happens when we have too little coverage or discover too late that what we thought was covered was not as it seemed. However, the details of business insurance are often an after-thought—and typically only when a business or its daily operations have been […]
Posted on Wednesday, October 23, 2013 by Mike Soful, CPA
I have worked with many business owners over the years that are always showing losses on their tax returns, year in and year out. Every time I see these kind of results, I bring up the IRS and the "hobby loss" rules (Section 183 of the IRS Code). The IRS and their flagging systems easily detects […]