Scott Griffiths

How can firms sustain client advisory services (CAS) growth? By delivering high-value business insights. Learn how one firm is leveling up its CAS practice with CPA.com’s CAS 2.0® framework. 🔗 https://lnkd.in/ePCisGry

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Ask most accountants to list the top 5 accounting areas that have given them headaches— inevitably, ASC 606 & lease accounting are near the top. So to help out both new Controllers and seasoned pros looking at what's next after compliance with ASC 842, we’re pairing up with the team at Occupier - We ❤️ Leases! on an upcoming webinar. On June 27th, we’ll dive into common pitfalls and proven tactics in lease accounting, covering: - Best practices for identifying embedded leases - A tactical walkthrough of handling a lease modification - Tips to streamline lease accounting in the month-end close - Tactics to prevent lease accounting audit headaches Register for the Webinar Here ➡️ https://lnkd.in/gXWXMM5u

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🔔 WEBINAR ALERT 🔔 We're excited to partner with Numeric on an upcoming webinar to dive into the next steps after complying with the ASC 842 lease accounting standards. Lauren Bahr, CPA and Connor Foran, CPA will share best practices for ongoing lease accounting processes and optimizing the month-end close. 🔗 Register via the link in the comments! #ASC842 #leaseaccounting #cpa

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✨ On the tax side, Mercury claimed a substantial R&D credit, but Christine Andrews, CPA wanted stronger documentation backed by granular data to make her confident the credit would withstand audit. On the accounting side, Mercury needed to start reporting on internally developed software (ASC 350-40) at a detailed level for their first year of audited financials. ✍ Both processes needed input from Mercury’s engineering team, but Christine wanted to improve on the traditional approach of creating separate, mostly redundant processes that wasted engineers’ time. 💡 Learn how Mercury used Neo.Tax to simplify both R&D and ASC in our newest Case Study 👉 https://lnkd.in/gjwAP92J

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ASC 360 (formerly SFAS 144) governs the accounting for long-lived assets. It requires a two-step test for evaluating goodwill impairment, using undiscounted cash flows. SEC scrutiny on ASC 805 and 350 valuations underscores the need for expert opinions. Contact us at Appraisal Economics for robust valuations that meet SEC standards in #mergers, #acquisitions, and #divestitures.

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CPA Trendlines: Main Street Accountants See Turbulence Ahead for Small Business: The Avalara Accountants Confidence Report points to difficulties. Go PRO for members-only access to more CPA Trendlines Research. http://dlvr.it/TF1jJg #CPA #tax #accounting

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CPA Trendlines: Main Street Accountants See Turbulence Ahead for Small Business: The Avalara Accountants Confidence Report points to difficulties. Go PRO for members-only access to more CPA Trendlines Research. http://dlvr.it/TF1jJT #CPA #tax #accounting

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With fewer resources and oversight, not-for-profits can be more susceptible to financial wrongdoing. Insight contributor Kasia White speaks with fraud experts Robert Nordlander, CPA, CFE, Dean Polales, and Brad Sargent CPA/ABV/CFF, CFE, CFS, CIRA, CCA, CRFAC, FABFA, to learn how accounting and finance teams can prevent these attacks. https://lnkd.in/eCjgqZdP  

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Baffled by ASC 842 and lease accounting? During his virtual CalCPA Not-for-Profit Organizations Conference session, Paul Preziotti, CPA introduces lease modifications, terminations, subleases, and impairment considerations, exploring how each should be considered: https://ow.ly/Oqvx50RANhk #NonprofitAccounting #LeaseAccounting #CalCPA #JLInsights

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The Financial Accounting Standards Board voted 7-0 Tuesday to move forward with narrower than originally planned fixes for its existing rules for hedge accounting, known as Topic 815. It also scheduled a 60-day comment period to obtain feedback and directed staff to draft the changes that will ultimately be put up for a final vote by a written ballot. The board took up the proposal as corporate risk reporting grew more complex amid the retirement of LIBOR and rising interest rates. Despite a unanimous vote, some FASB members expressed concern the proposed improvements to GAAP hedging guidance do not go far enough.  #accounting #GAAP #hedges https://lnkd.in/d8mFAgCm

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Salary Guides for Accountants Vary Widely: Who Do You Believe?: Recruiters Atrium, LHH and Randstad don’t agree. By CPA Trendlines Research Go PRO for members-only access to more CPA Trendlines Research. http://dlvr.it/TFXhYR #CPA #tax #accounting

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If you work with lease contracts, you know how long and packed with information these documents can be. And while it may be tempting to skim them, they contain critical information that accountants need to ensure compliance with leasing standards. ASC 842 has specific requirements for how leases should be recorded on the balance sheet depending on the lease term. This means that accountants must abstract key information from lease contracts to account for these nuances. But collecting this information doesn’t have to be a lengthy process. You can rely on software and AI to quickly abstract lease information and ensure you meet the requirements of ASC 842. Linked in the comments, you will find a blog that explains the importance of lease abstraction and how AI can help. 👇 #leaseaccounting #AI #automation #blog #newblog

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🔔New Client Alert: "IRS and Treasury Release Guidance on Educational Assistance Programs," authored by Tripp VanderWal, Brett Liefbroer, and Nathan Caverly! On June 17, 2024, the IRS and Treasury issued frequently asked questions (FAQs) in FS-2024-22 regarding Educational Assistance Programs. The FAQs provide guidance to taxpayers and clarify the rules surrounding tax-free educational assistance benefits for student loan payments. Read the full article 👉 https://ow.ly/wtGe50SoHJZ

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Negotiate Leases Like a CFO: Tax Exposure Under ASC 842 Lease contracts? Not just about assets, CFOs! Negotiation is key under ASC 842 for optimizing tax exposure. Here's how: - Negotiate variable lease payments to potentially reduce reported lease liability. - Secure lease incentives like rent-free periods for better cash flow & tax deductions. - Include flexible extension/termination options for changing business needs. - Negotiate residual values aligned with market value to minimize financial & tax impact. - Separate bundled services (maintenance, insurance) for clearer accounting & tax treatment. Strategic lease negotiations = a CFO's secret weapon for tax optimization. https://buff.ly/46aZSV0 #accounting #taxes #ASC842 #financialplanning

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