Although complexity and accounting standards go hand in hand, Edward W. Trott, a former member of the Financial Accounting Standards Board, says that for the most part, “complexity in accounting standards is unnecessary.” (Trott was a member of the FASB
Accounting complexity remains a major issue for construction and AEC firms in 2026. While some complexity is unavoidable when transactions are unusual or estimates are uncertain, much of the burden comes from standards that are harder to apply than necessary.
Government grant funding can provide meaningful support for nonprofit missions, but it also brings significant financial responsibilities. Regulators increasingly scrutinize grant funding, implement evolving regulations, and demand measurable outcomes, shaping today’s grant environment. Nonprofits receiving public funding must document how
Audits play a crucial role in providing transparency for clients and fostering confidence in a company’s financial reporting. An audit is particularly reassuring in uncertain business environments. At their core, audits are designed to assess whether a company’s financial statements
Maintaining accurate payroll records is essential for more than just compliance with labor and tax regulations. Good records provide a clear picture of earnings and deductions, strengthen budget planning and build trust with employees. They serve as evidence in the
Requests for transparency and accountability keep growing with the demands that contributions be used as intended. You need to track and report on segregated accounts, treating funds as separate entities with their own general ledgers. More than 20 years ago,
With the exception of land, all tangible property generally loses value over time because it deteriorates (e.g., buildings or vehicles), becomes obsolete (e.g., computers) or loses protection against competition (e.g., patents). This has a specific impact on businesses, which are
During periods of economic stress, both civil and criminal incidents of fraud tend to rise as businesses face increased financial pressures. The current climate is posing exceptional challenges resulting from COVID-19. Attorneys are more likely than ever to turn to
The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is the agency that enforces the Corporate Transparency Act (CTA). Recently, FinCEN sent out a notice indicating a new deadline of March 21 for small businesses to comply with its beneficial ownership
Construction work in progress (WIP) reports are too often ignored and less often fully understood. Your WIP reports share a symbiotic bond with your financial statements — the two should be consistent in the information they present. Let’s look at