The typical organization loses 5% of its revenues to fraud each year according to the Association of Certified Fraud Examiners (ACFE). When you do the math, the hit to your bottom line can be substantial.
Economic damages claimed by individuals in cases arising from personal injury, wrongful death, wrongful employment termination and employment discrimination typically include lost earnings and fringe benefits. Attorneys frequently retain CPAs as expert witnesses to determine the amount of those economic damages and to provide expert witness testimony. Let’s look at the role of a CPA as an expert in these cases.
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The issuance and implementation of the FASB not-for-profit financial presentation standard, Accounting Standards Update (ASU) 2016-14, back in 2016 resulted in changes to the presentation of GAAP-based financial statements for nonprofits. These changes were meant to provide financial statement reviewers, such as donors and lenders, with more relevant information about the status of an organization's current and future resources. One key change brought about by this ASU relates to the presentation of a nonprofit’s expenses. Let’s take a deeper look at these changes and what they mean for nonprofits.
Applications are now open for Maryland manufacturers to apply for the Commercial, Industrial & Agricultural Fiscal Year 2024 Grant Program. This program supports businesses that make certain energy efficiency improvements in manufacturing facilities. In this short video, we explain the grant, who qualifies and the application process.
Non-public entities will need to adopt the new Current Expected Credit Loss (CECL) model starting with 2023 calendar year-end financial statements. What does this mean for your company and your financial statements?
The numbers on your nonprofit’s financial statements tell a colorful story ― if you know what to look for. Nonprofit CEOs, executive directors and board members who have a solid understanding of financial statements typically make better decisions for their organization. When you don’t have a financial background, it can be difficult to know where to focus your attention when you review financial data. Let’s break things down.