After years of consideration, the Financial Accounting Standards Board (FASB) revised lease accounting by issuing Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). In the eyes of the FASB and users of the financial statements, leases in the financial statements of lessees represented valid assets and obligations as a result of the lessee receiving the right to use certain assets while receiving the economic benefits of using such assets.
It is critical for clients and practitioners to appreciate the Internal Revenue Service’s (“IRS”) historic positions and analysis regarding captive insurance companies, in order to fully understand the current captive insurance tax environment. The following discussion focuses on the relevant authorities contained in the Internal Revenue Code and Regulations, the current views of the IRS as set forth in administrative rulings and pronouncements and decisions dealing with what transactions qualified as insurance, and whether the activities of a related captive insurance company are those of a company primarily and predominately engaged in the insurance business.
ASC 606, the long awaited and much debated new accounting standard for revenue recognition in the United States has now become reality for most public companies. Adoption of this new standard was required for calendar year public companies effective January 1, 2018, and the results of adoption have now become public with the earnings releases and 10-Q filings for the first quarter ending March 31, 2018.
ASC 606, the long awaited and much debated new accounting standard for revenue recognition in the United States has now become reality for most public companies. Adoption of this new standard was required for calendar-year public companies effective January 1, 2018, and the results of adoption have now become public with the earnings releases and 10-Q filings for the first quarter ending March 31, 2018.
The recent statistics on employee theft is shocking. According to one US source, 75% of employees admit to having stolen at least once from their employer—and employee theft costs a company on average 7% of their annual revenues each year.
Bennett Thrasher LLP is pleased to announce the creation of a new Risk Advisory Services Group. The move highlights the firm’s continued strategic growth and efforts to innovate and add new services that will assist clients in the complex interrelationships of technology, operations and finance.
The Georgia Construction Outlook Survey indicates that 86 percent of the state’s privately held construction companies project a revenue increase over the prior year. The survey, released on Tuesday, was conducted by Kennesaw State University’s Construction Management Department in cooperation with Bennett Thrasher, one of the country’s largest full-service certified public accounting and consulting firms.
In a recent blog post on the website of Acuity, Brian Hamm, a Senior Manager in Bennett Thrasher’s Financial Reporting and Assurance department, explains new revenue recognition guidance issued by the Financial Accounting Standards Boards
Bennett Thrasher LLP, one of the top 100, full-service public accounting and consulting firms in the country, has named Vijay Vaswani as Managing Director of its Transaction Advisory Services practice.
Bennett Thrasher was recently recognized for its progressive approach to communication among employees in an article published by Accounting Today.
Bennett Thrasher LLP is pleased to announce that Cory Bennett has been recognized by CPA Practice Advisor on its annual list of 40 Under 40 winners. This award honors individuals who are positively shaping the accounting and tax profession, showcasing those who are active in both professional leadership roles as well as in their local communities.
Bennett Thrasher is excited to announce it has been named the 88th largest firm in the country by INSIDE Public Accounting (IPA), on its annual list of Top 100 Firms. The Firm is one of only four Atlanta-based accounting firms to earn this recognition for 2016.