On June 16, 2016, the Financial Accounting Standards Board (FASB) issued its long awaited Current Expected Credit Loss impairment standard, or CECL.
In May of this year the AICPA released SSAE No. 18, a new Attestation Standard which will be effective for any attestation engagement opinion occurring on or after May 1, 2017 (early adoption is allowed). The new standard has a very broad focus, covering various aspects of audits, reviews, agreed-up procedures and other engagements. But as a Service Organization Controls (SOC) 1 practitioner, I noted several items of interest to me, and possibly for you, if you work for a user entity.
Recent updates to the FFIEC Management booklet contained within the IT Handbook contain several significant changes that, while easily overlooked, speak to the evolving nature of the IT best practice for financial institutions. While most of the changes are no surprise to institutions who in many cases implemented these changes years ago, these changes provide further validation.
Many banks these days are investing in affordable housing projects to fulfill their CRA obligations, as well as to gain tax advantages from these “low income housing credit (LIHC)” investments. In the March 11, 2016 issue of the Maine Bankers Newslink, we discussed the tax and accounting ramifications of these investments.
Many scenarios create the need for a company to obtain an actuarial valuation. But what is an actuarial valuation and why does a company need one? What is a company’s responsibility relating to the information used to generate the valuation? How does the company assess if the output of the report is accurate? Although this article will not address all the details of an actuarial valuation report, we will discuss these key questions to help readers understand and obtain accurate actuarial analysis for your company.
Renting out a summer home or ski condo for a few days may be an easy way to help defray a property owner’s mortgage payment, and with companies like Airbnb fueling the amateur short-term rental industry, it is important for owners to take stock of several important federal and state tax requirements unique to the short term-rental industry.
On April 18 the Centers for Medicare and Medicaid Services (CMS) released the fiscal year 2017 Inpatient Prospective Payment System (IPPS) proposed rule. CMS releases the proposed rule annually in April, which gives time for public comment to be heard before the final rule is released in August.