Accounting & Business Advisory Blog

Despite the recommendations from the Blue Ribbon Panel on Standard Setting for Private Companies and the call from thousands of private companies across the country, the Financial Accounting Foundation (FAF) has decided that there should not be separate accounting standards for privately held businesses and publicly traded companies.

It was the recommendation of the Blue Ribbon Panel (and the hope of small businesses across the country) that a separate independent standard-setting board would be...

Next year, the reporting and presentation standards for revenues recognized by both public and private healthcare entities will be changing. 

Change in Bad Debt Reporting

Currently, many healthcare entities recognize patient service revenue at the time services are rendered as a gross amount, with bad debts reported in operating expenses. This has raised concerns with stakeholders and other third party users of healthcare entities’ financial statements that current practice results in a...

The Financial Accounting Standards Board (FASB) issued a proposal in August that could dramatically change the nature of accounting for operating leases.

It’s part of an effort to conform U.S. accounting standards to international rules. It is in response to criticism that U.S. accounting doesn’t currently record a liability for operating lease obligations, although a company could be obligated to fulfill a lease for the next few years. If it is an operating lease, there is currently no asset or...

In trying economic times, using your Individual Retirement Account (IRA) to fund your Health Savings Account (HSA) is a possible strategy for anyone wishing to fund his or her HSA without having to tap into current cash flow. A provision of which you may not be aware in the Tax Relief and Health Care Act of 2006 allows individuals to use their IRA to fund their HSA.  Generally, any individual eligible to have an HSA may take a distribution from his or her IRA and fund  their HSA. 

Internal...