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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


MSL BLOG

AICPA Audit and Accounting Guide Updates

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…

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Dan O’Keefe appointed to Seminole State College District Board of Trustees

Dan O’Keefe appointed to Seminole State College District Board of Trustees

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…

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CONDUIT DEBT TEMPLATE

CONDUIT DEBT TEMPLATE

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…

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Accounting Guidance for Contributions to Not-for-Profit Groups Is Clarified (ASU No. 2018-08)

Accounting Guidance for Contributions to Not-for-Profit Groups Is Clarified  (ASU No. 2018-08)

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…

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EBP UPDATE

EBP UPDATE

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…

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Accounting Standards Update significant changes of not-for-profits financial reporting requirements

Accounting Standards Update significant changes of not-for-profits financial reporting requirements

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...

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PCAOB Publishes Staff Inspection Brief Previewing 2016 Inspection Findings

PCAOB Publishes Staff Inspection Brief Previewing 2016 Inspection Findings

Issued: November 10, 2017

Summary: 
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...
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Employee Benefit Plans Update

Employee Benefit Plans Update

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...

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Accounting Alert – Implementation of FASB Standards

Accounting Alert – Implementation of FASB Standards

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...

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Alex Brinister Named Shareholder at MSL CPAs and Advisors

Alex Brinister Named Shareholder at MSL CPAs and Advisors

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...

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Joel Knopp Named Shareholder at MSL CPAs and Advisors

Joel Knopp Named Shareholder at MSL CPAs and Advisors

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...

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