Accounting and Auditing | Albin, Randall and Bennett

FASB ASU 2020-07: New Standard Addresses Nonprofit Gifts-in-Kind

On September 17th, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-07 on Topic 958, Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. The FASB ASU requires nonprofits to change their financial statement presentation and disclosure of contributed nonfinancial assets, or gifts-in-kind. The FASB issued the update in an effort


Revisiting the Opportunity Zone Tax Deferral Provision

The Tax Cuts and Jobs Act of 2017 (TCJA) established section 199A to help reduce income tax liability for individuals, trusts, and estates to parallel the rate reduction for corporations. With two years separating us from TCJA implementation, it’s certainly worth revisiting key areas where you and your related ventures may find substantial tax benefits.


New Tax Legislation-December 2019

Once again, Congress has passed tax legislation just before Christmas. This year, the tax provisions were attached to an enormous spending bill.  The tax portion contains two general areas of change – extending previous deductions/credits and new retirement plan changes. The extension of previous deductions and credits are generally only extended for one year. Here


Are You Ready for the New Revenue Recognition Standard?

If your company gets revenue from contracts with customers, as construction companies do, you’d better be ready for ASC 606, the new revenue recognition standard issued by the Financial Accounting Standards Board (FASB). That’s because it goes into effect this year for privately held businesses. The principle of the new standard is that a business


FASB Proposes Extended Effective Dates for Private Companies and Nonprofits

Yesterday the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update that changes the effective date for certain new accounting standards. Private companies and nonprofits will benefit from the additional time to evaluate and implement the new lease, expected credit loss (CECL), and hedge accounting standards. The following are the proposed new effective dates: Leases- years beginning after December