In 2016, the Financial Accounting Standards Board ("FASB") broadly updated its lease accounting standards in ASC 842. Initially, all entities were required to adopt these rules by 2020. However, due to the impacts of COVID, that deadline has been extended into 2022 for nonpublic entities like not-for-profits.
While this later deadline is good news, the time to get your organization in tune with these changes is now!
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House Republicans Call for Accounting of Unused COVID Relief Funds - Government Executive
House Republicans introduced a resolution on Monday that would require President Biden to provide a full accounting of unspent COVID relief funds within 14 days of enactment to promote transparency and accountability.
Republicans on the House Budget and House Oversight and Reform committees introduced the resolution as Democratic lawmakers and President Biden are working to pass Biden's $1.9 trillion coronavirus relief package. They are using budget reconciliation, a process that would allow the legislation to pass with just a simple majority of Senate votes (51 as opposed to 60).
Hotel Companies Turning to Aptech's Browser Based PVNG Accounting Solution Mid Pandemic
“Before making the switch to PVNG, I looked at other accounting solutions in the market,” he said. “My decision to stay with Aptech came down to customer service, price, and ease of use. Given that we were an existing client of Aptech’s older accounting solution, learning PVNG was far less difficult than adopting a new solution. Plus, we have a strong relationship with Aptech, and we did not want to turn our back on them.
Quite a lot has been going on:
Police, accounting firm to look into missing Pfizer vaccine | wbir.com
KNOXVILLE, Tennessee — To help perhaps shed light on the case, the Knoxville Police Department and an accounting firm have joined in the effort to find out what happened to a box of 975 virus vaccines determined last week to be missing in Knox County.
Dr. Martha Buchanan, director of the Knox County Health Department, asked KPD to see what its investigators could learn, according to an announcement Monday by Mayor Glenn Jacobs' office.
In the blogs: Oh, the places we'll tax | Accounting Today
New digital advertising tax; ripping off PPP; careful with prenups; and other highlights from our favorite tax bloggers.
Harford school board reduces next year's operating budget by $2.2 million, accounting for state
The Harford County Board of Education is requesting more than $519.5 million in operating funds for local public schools in the next fiscal year — a reduction of nearly $2.2 million from what Superintendent Sean Bulson and his administration proposed — after HCPS officials learned more about the status of their state funding.
The superintendent's initial budget proposal was presented to the school board in January with a request for a nearly $18.4 million increase in funds from Harford County compared to the current fiscal year.
Editorial: Large-scale accounting problem, child welfare mess stir concern over Nebraska
A new state auditor report says the State Department of Administrative Services made some $21 billion in accounting errors while processing funds last year. None of those dollars involved fraud or embezzlement; the errors were in documentation and in assigning funds incorrectly in their accounting designation. That might seem arcane, but if a private company made accounting mistakes similar in scale to the company's finances, it would be considered a glaring failure and a worrisome problem.
Happening on Twitter
Texas: a state that thumbs its nose at fed regulation by creating its own power grid but has filed (per FEMA data)… https://t.co/8Oo2HNedyR tlangford (from Austin, TX) Mon Feb 15 22:36:21 +0000 2021
Thank you but it's not about making it look "cheep." It's about creating a sense of rhythm & pacing to make the sce… https://t.co/h78wiGMant CrackMcCraigen (from Los Angeles) Mon Feb 15 15:21:01 +0000 2021
'To prevent the police from reaching one protest site on Monday, motorists parked their cars in the street and rais… https://t.co/CyBtzCxDgz KenRoth (from New York) Tue Feb 16 04:39:48 +0000 2021
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