Existing accounting rules don’t provide guidance on how newly formed joint ventures should record contributed assets and assumed liabilities that, as a result, have caused diversity in practice. For example, joint ventures might be recording contributed net assets at either the venturers’ carrying amounts or their fair values at the formation date. In August 2023, …
The AICPA’s Professional Ethics Executive Committee adopted two new interpretations of the “Integrity and Objectivity Rule” (ET 1.100.001 and ET 2.100.001) of the AICPA Code of Professional Conduct in 2022—one directed to members in public practice and the other applicable to members in business. The two interpretations of the same name, “Responding to Noncompliance with Laws and Regulations” (ET …
AICPA Q&A Guidance on Noncompliance with Laws and Regulations Read More »
Are You Ready for Risk Assessment Version 2.0? Even though the guidance in AU-C 315A, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, has been a fundamental requirement in audits for approximately 15 years, it’s proper application by auditors has continued to be an issue as identified by practice monitoring programs. Issued …
By Payroll Update Staff Year-end processing poses a number of challenges to payroll administrators, accountants, business owners, and employers of all types. Checkpoint Payroll has put together this series of articles aimed at guiding you through the trials of the year-end processing season. Many companies offer some form of accrued time off for employees to …
by Jennifer J. Troyer, Esq. Maine Revenue Services is extending deadlines to file and pay taxes for victims of several natural disasters. Qualifying natural disasters are: Alabama severe storms, Alaska flooding, California severe stores, Georgia severe storms, the Hawaii wildfire, Hurricane Idalia, Hurricane Lee, Illinois flooding, Mississippi severe storms, Typhoon Mawar, and Vermont flooding. (Maine …
Maine Extends Deadlines for Natural Disaster Victims Read More »
© 2023 S. Davis & Associates, P.A. | All Rights Reserved.
