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GASB 87:

Previously, governmental entities reported their leases similarly to how private entities reported leases under ASC 840. While finance leases would be capitalized on the balance sheet, operating leases would be reported in the footnotes. However, the Governmental Accounting Standards Board’s Statement No. 87 (or GASB 87) requires that all operating leases now be accounted for as finance leases.

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Seven Security Incidents

Whether or not security executives lose their jobs in the wake of a major incident, security failure should be seen as a learning opportunity.

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Strategies to Reduce the Costs of Aging in Place

The number of Americans ages 65 and over is projected to nearly double by 2060. And most would prefer to age in place and hire senior caregivers if needed.

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Employment Law Changes For 2020:

While American workers ring in the new year by toasting champagne and making resolutions, their employers will be scrambling to ensure that they’re in compliance with the more than two dozen federal and state laws set to go into effect on January 1, 2020. Here are some of the most noteworthy.

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SEC proposes updating auditor independence rules

Auditor independence rules would change under a newSEC proposal designed to permit relationships in situations when independence is not substantially threatened.

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New Spending Bill Passes!

By overwhelming majority and a signature from President Trump on Friday, Congress passed a new spending bill, The Further Consolidated Appropriations Act, 2020, H.R. 1865, which presents several changes to current tax law. Among those changes are repeals of three health care taxes, implementation of the Setting Every Community Up for Retirement Enhancement (SECURE) Act, tax relief for disaster victims, several extensions on expired tax provisions and a repeal of the Tax Cuts and Jobs Act (TCJA) provision regarding tax-exempt entities and parking as an unrelated business taxable income (UBTI).

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Interest Rates

The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning January 1, 2020.

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Interest Rates Remain the Same for the First Quarter of 2020

The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning January 1, 2020.

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PCAOB’s 2020 Inspection Focus and Audit Quality

The PCAOB’s inspections of audit firms in 2020 will continue to focus on areas that have been challenging for firms in recent years, George Botic, CPA, the PCAOB’s director of Registration and Inspections, said Wednesday.

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PCAOB’s 2020 Inspection Focus and Audit Quality Tips Revealed

The PCAOB’s inspections of audit firms in 2020 will continue to focus on areas that have been challenging for firms in recent years, George Botic, CPA, the PCAOB’s director of Registration and Inspections, said Wednesday.

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