Originally published in the October 2018 issue of Career Education Review, and reproduced here with permission. Article originally posted at careereducationreview.net Over the summer, I have been reflecting on the impact of the September 2016 Guide for Audits of Proprietary Schools and for Compliance Attestation Engagements of Third-Party Servicers Administering Title...
The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU No. 2015-17 – Income Taxes, Balance Sheet Classification of Deferred Taxes. This ASU simplifies the presentation and disclosures of deferred income taxes. Current GAAP requires deferred income tax assets and liabilities to be separated into current and noncurrent...
The new audit guidelines have brought about a multitude of obstacles for secondary education leaders and auditors alike. McClintock & Associates Director, Mike Wherry recently co-presented a webinar on the “Calculating Your Institution’s 90/10 Rate” alongside Dennis Cariello of Hogan Marren Babbo & Rose. The webinar provides the need to...
Originally published in the January 2018 issue of Career Education Review, and reproduced here with permission. Article originally posted at careereducationreview.net If I had one word to sum up the Financial Accounting Standards Board’s (FASB) new revenue recognition accounting standard, it would be judgment. That’s what it requires, a well thought...
By Michael Wherry, CPA The old adage “what doesn’t kill you makes you stronger” is relevant to our clients who have gone through their first student financial aid compliance audit under the September 2016 Audit Guide (Guide). The Guide certainly caused an increase in the amount of work and posed some...
By Kelly Brennan On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act. The Act is the largest overhaul of the Internal Revenue Code in over 30 years, affecting every taxpayer. It includes reductions in the tax rates for both individual and businesses, the elimination or reduction of...
By Jennifer Debor, CPA The Financial Accounting Standards Board (FASB) issued two accounting standard updates (ASU), ASU 2016-15 and ASU 2016-18, that impact the presentation of an organization’s statement of cash flows. Both ASU’s are effective in 2019 for non-public entities, or in FASB’s terminology ‘for fiscal years beginning after December...
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