FASB’s new revenue recognition standards are now effective, but how well will the new standard prevent fraud and abuse? FASB had many goals in issuing the new Accounting Standards Codification Section 606, “Revenue Recognition from Contracts with Customers.” Concern about fraud was one of the original goals, but FASB also sought to remove inconsistencies in...
Think only big companies have a problem with internal fraud? Think again! According to a recent report form the Association of Certified Fraud Examiners, businesses with fewer than 100 employees account for almost 30% of internal fraud cases. Small business owners don’t always have the time or knowledge to properly design internal controls, and often...
An “age wave” is hurtling toward our economy like a tsunami building strength before it hits land – but land it will, and it will affect small business owners, especially “Boomers,” for decades. Many in this generation are already looking to “exit” their businesses after years of building their entities, providing for their families, and...
The Financial Accounting Standards Board announced plans to delay the effective date for the new standard on accounting for leases for certain entities. This is great news for private companies, non-profit organizations, and smaller reporting companies lagging in adoption of the leasing standard updates. It seems FASB underestimated the time and resources needed for tracking...
Document retention needs a system whether paper or digital. Storing financial records electronically is one of the only ways keeping them indefinitely seems realistic. But do you have to? Large corporations may have limitless storage capacity on servers and in the cloud, but what about individuals and small businesses that do not? Some folks still...
