Hurricane Michael Extended Tax deadline for affected counties- The tax relief postpones various tax filing and payment deadlines that occurred starting on Oct. 7, 2018…Read More
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Welcome to the MSL Blog! A resource that offers guidance and thought leadership on issues to help your organization navigate the financial landscape in an ever-changing environment
The following ASUs (5) were issued since July 2018 (last one was ASU 2018-10).
ASU 2018-11 Leases – Targeted Improvements
Issued: July 2018
The FASB has been assisting stakeholders with implementation questions and issues as organizations prepare to adopt the new leases standard…Read More
Preparation, Compilation, and Review Engagements - updated as of June 1, 2018
The updated version of the Preparation, Compilation, and Review Engagements incorporates relevant guidance that is issued and effective on or before June 1, 2018. Updated guide incorporates SSARS No. 24, which creates an AR-C section entitle Special Considerations-International Reporting Issues, and amends SSARS No 21…
The following is a summary of SEC and PCAOB developments since July 2018.
1. PCAOB Issues Report on 2017 Inspections of Broker-Dealer Auditors
Issued: August 20, 2018
The most recent PCAOB annual report on its inspection in 2017 of auditors of brokers and dealers shows a continued high number of audit deficiencies…Read More
Daniel O’Keefe has been appointed by Gov. Rick Scott to the Seminole State College District Board of Trustees for a four-year term. O’Keefe, 62, of Longwood, has served as the managing shareholder for the Orlando office of Moore Stephens Lovelace (MSL) since 2005.
O’Keefe is recognized as one of the top public-sector instructors in the state of Florida with over 40 years of public accounting…Read More
Not-for-profit entities (NFPs) with conduit debt that have securities that are traded, listed or quoted on an exchange or over-the-counter (OTC) market are required by certain Accounting Standards Updates (ASUs) to use the same effective dates and expanded disclosures that are imposed on public business entities…Read More
We've received several questions from our clients regarding notices recently issued by The Agency for Health Care Administration (AHCA) concerning the reinstatement of Lease Bond Trust Fund payments. The purpose of the Fund is to reimburse The State of Florida in the event providers skipped out on paybacks…Read More
On June 21, 2018, the FASB issued Accounting Standards Update (ASU) No. 2018-08 to help determine when income received by a not-for-profit organization should be accounted for as a contribution or an exchange…Read More
PBGC Missing Participant Program is Open for Defined Contribution Plans that Terminate in 2018 or Later
The Pension Benefit Guaranty Corporation (“PBGC”) has opened its missing participant program to permit defined contribution plans that terminate on or after January 1, 2018 to elect to transfer the benefit…Read More
The Agency for Health Care Administration (AHCA) is working to gather data related to Fair Rental Value (FRV). This data will be used by the Agency in the Nursing Home Prospective Payment System model. Deadline to submit 4/30/18. More info...Read More
Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, significantly changes the financial reporting requirements for not-for-profits (NFPs). Reporting changes include (a) net assets, (b) investment income and expenses...Read More
- Implementation dates of existing GASBs
- Effective for FY 17 Audits
- GASB 74 - OPEB Reporting for Plans - Applicable if entity has an OPEB Trust Fund
- GASB 77 - Tax Abatement Disclosures
- GASB 78 - Pensions for Certain Multiple-Employer DB Plans...
- Effective for FY 17 Audits
Issued: November 10, 2017
This brief highlights certain observations from 2016 inspections of auditors of public companies and other issuers, including three recurring areas where audit deficiencies were most frequently identified
- Assessing and responding to risks of material misstatement. Example: the auditor did not perform tests of details specifically related to fraud risks assessed by the auditor...
New Correction Fees for the Voluntary Correction Program (VCP)
Currently, there are three programs for correcting retirement plan errors with the IRS; the main two programs are the Self-Correction Program (SCP) and the Voluntary Correction Program (VCP).
Under the SCP you can self-correct an insignificant operational error at any time to preserve the tax-favored status of your plan. An operational error occurs when you don't follow the written terms of the plan. Even when the operational error is significant...Read More
The FASB has been active over the past few years and issued several Accounting Standards Updates (ASU) that have implementation dates beginning in 2018 and on. We have provided a summary of the most impactful ASU below and a link to where additional resources on this subject matter can...Read More
Orlando, FL-January 15, 2018 - MSL CPAs and Advisors, a regional certified public accounting and advisory services firm, is proud to announce that Alex Brinister, MSA, has been admitted to the Shareholder group, effective January 1, 2018.
Alex Brinister was a Senior Manager with MSL's Middle Market Practice Group. He is the leader of the Firm's Manufacturing and High-Tech Specialty Group, and a member of the Securities and Corporate Finance Group. Alex has over 22 years...Read More
Orlando, FL-January 15, 2018 - MSL CPAs and Advisors, a regional certified public accounting and advisory services firm, is proud to announce that Joel Knopp, CPA, has been admitted to the Shareholder group, effective January 1, 2018.
Joel Knopp was a senior manager with MSL's Governmental Practice Group. He has over 20 years of experience in accounting and auditing and has provided services to numerous municipalities...Read More