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The Financial Accounting Standards Board (FASB) recently issued Accounting Standards Update (ASU) 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40); Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The purpose of this ASU is to provide additional guidance on how to properly account for the costs incurred when implementing or taking part in a cloud computing arrangement.

In May 2018, the American Institute of Certified Public Accountants (AICPA) issued an exposure draft entitled Criteria for Evaluating the Integrity of a Set of Data. This exposure draft will establish professional standards with which CPAs can perform an agreed upon procedures engagement over the integrity of a set of data provided by management.

The financial services industry is in the midst of significant change.

Technology has developed an avenue to create income streams from assets that we originally acquired for our enjoyment – all a part of the developing “sharing economy.” The sharing economy allows us to take advantage of capital intensive luxury assets by offsetting some of the costs of ownership.

Almost exactly a year ago, Congress passed the Tax Cuts and Jobs Act, which made dramatic changes to federal tax laws – most of them retroactive to the beginning of a year nearly ended.

Last year’s Tax Cuts and Jobs Act has been the subject of numerous articles, seminars, and discussions since its introduction a year ago, but because it primarily took effect 1/1/18, most of its features have not yet appeared in actual tax returns.

The Baker Newman Noyes Healthcare Advisory Group is always working to stay current on regulatory and legislative updates. In addition to our previous analyses of The Centers for Medicare & Medicaid Services’ (CMS) inpatient and outpatient rule updates, we have provided several updates on key regulatory proposals impacting providers in the coming years below.