If the last two years have taught us anything, it’s that you can never be too prepared. Rea & Associates is proud to present the 3rd Annual Fall Construction Risk Update event, jam packed with expert commentary and exclusive content for business owners in the construction industry. This year, we’re here to guide you through the changes 2021 brought to taxes, finances, liability, and more and give you a glimpse into future considerations for construction industry leaders.
Presentation from Ohio CPA Firm, Rea & Associates on AP and Contracts Payable for Ohio Businesses. Topics discussed include ORC requirements, Compling AP and contracts payable for GAAP financial statements, Internal Controls over AP, and common audit deficiences in AP.
B2G Seminar Slides for Get in the Game. Sponsored by Whittaker-Cooper Financial Group. Presented by Jack Quinn Solutions, LLC and Space Coast Entrepreneurs
This presentation will also provide a year end update of the technical accounting standards (ASU’s), proposed standards that are in Exposure Drafts (ED’s), and the projects of the FASB going forward.
During the presentation attendees can expect to learn the following:
Gain an understanding of the most significant changes in accounting standards over the past 12 months
Become familiar with the proposed changes that the FASB has issued in Exposure Drafts
Acquire knowledge of the big projects that the FASB will address next
After this webinar attendees will be able to answer:
What changes has the FASB made over the past year?
How will these changes impact you and your organization?
What areas will the FASB focus on next?
Partner Janice Snyder discussed the recent changes made by the Financial Accounting Standards Board and how those changes will impact you and your organization.
State and Local Tax Issues Facing the Real Estate and Construction IndustrySkoda Minotti
Join Mary Jo Dolson, Amy Gibson and Mark Thomas of Skoda Minotti’s State and Local Tax team for an informative discussion on state and local tax issues facing the real estate and construction industry.
Presentation from Ohio CPA Firm, Rea & Associates on AP and Contracts Payable for Ohio Businesses. Topics discussed include ORC requirements, Compling AP and contracts payable for GAAP financial statements, Internal Controls over AP, and common audit deficiences in AP.
B2G Seminar Slides for Get in the Game. Sponsored by Whittaker-Cooper Financial Group. Presented by Jack Quinn Solutions, LLC and Space Coast Entrepreneurs
This presentation will also provide a year end update of the technical accounting standards (ASU’s), proposed standards that are in Exposure Drafts (ED’s), and the projects of the FASB going forward.
During the presentation attendees can expect to learn the following:
Gain an understanding of the most significant changes in accounting standards over the past 12 months
Become familiar with the proposed changes that the FASB has issued in Exposure Drafts
Acquire knowledge of the big projects that the FASB will address next
After this webinar attendees will be able to answer:
What changes has the FASB made over the past year?
How will these changes impact you and your organization?
What areas will the FASB focus on next?
Partner Janice Snyder discussed the recent changes made by the Financial Accounting Standards Board and how those changes will impact you and your organization.
State and Local Tax Issues Facing the Real Estate and Construction IndustrySkoda Minotti
Join Mary Jo Dolson, Amy Gibson and Mark Thomas of Skoda Minotti’s State and Local Tax team for an informative discussion on state and local tax issues facing the real estate and construction industry.
A Call to Action CPAs - Confronting the Lease Accounting Changes - iLease Man...jmeedzan
iLease Management LLC has been providing insightful research and recommended approaches into the proposed lease accounting changes for over two years. This presentation dives into not only how the proposed FASB and IASB lease accounting changes will impact organizations but shows how, at the functional level, what questions need to be considered in order to comply with these upcoming standard changes. We outline the functional areas like Corporate, Finance, Treasury, Human Resource and Technology. And given the resource limitations within most organizations, we show how the lease accounting changes will present “Opportunities for Assistance” for Certified Public Accountants (“CPAs”) that are looking for ways to add value to their client relationships.
This presentation explains how CPAs can position themselves to be proactive and provide technology and services that are of critical importance to their clients.
Provides information on balance sheets. Topics include what a balance sheet looks like, attributes of a balance sheet, major components of a balance sheet, and key characteristics in the evaluation of inventory.
Rea & Associates - 4th Annual Construction KickoffRea & Associates
Rea & Associates is proud to present the 4th Annual Construction Kickoff on Wednesday, January 26, 2022, at The Ohio State University Fawcett Center. Joined by Overmyer Hall and Kegler Brown, this free, in-person event will provide you with high-level updates, open discussions, and exclusive content for business leaders in the construction industry. You can expect a glimpse into the current and future considerations of the construction industry regarding tax, insurance, liability, and more!
Revenue Recognition In IFRS By Yash BatraYash Batra
Detailed Presentation on revenue recognition as per IFRS. Accounting on revenue recognition is critical especially when World has defined path to follow IFRS accounting and reporting of its financial. I have tried to capture all critical aspects of revenue recognition in this presentation.
Finvision impact series 1 - ed leases - lessee accountingFinvision
IFRS accounting - Exposure draft on lease accounting has been released recently. The presentation gives an brief overview on the basic principles and how it may impact your organization
A Call to Action CPAs - Confronting the Lease Accounting Changes - iLease Man...jmeedzan
iLease Management LLC has been providing insightful research and recommended approaches into the proposed lease accounting changes for over two years. This presentation dives into not only how the proposed FASB and IASB lease accounting changes will impact organizations but shows how, at the functional level, what questions need to be considered in order to comply with these upcoming standard changes. We outline the functional areas like Corporate, Finance, Treasury, Human Resource and Technology. And given the resource limitations within most organizations, we show how the lease accounting changes will present “Opportunities for Assistance” for Certified Public Accountants (“CPAs”) that are looking for ways to add value to their client relationships.
This presentation explains how CPAs can position themselves to be proactive and provide technology and services that are of critical importance to their clients.
Provides information on balance sheets. Topics include what a balance sheet looks like, attributes of a balance sheet, major components of a balance sheet, and key characteristics in the evaluation of inventory.
Rea & Associates - 4th Annual Construction KickoffRea & Associates
Rea & Associates is proud to present the 4th Annual Construction Kickoff on Wednesday, January 26, 2022, at The Ohio State University Fawcett Center. Joined by Overmyer Hall and Kegler Brown, this free, in-person event will provide you with high-level updates, open discussions, and exclusive content for business leaders in the construction industry. You can expect a glimpse into the current and future considerations of the construction industry regarding tax, insurance, liability, and more!
Revenue Recognition In IFRS By Yash BatraYash Batra
Detailed Presentation on revenue recognition as per IFRS. Accounting on revenue recognition is critical especially when World has defined path to follow IFRS accounting and reporting of its financial. I have tried to capture all critical aspects of revenue recognition in this presentation.
Finvision impact series 1 - ed leases - lessee accountingFinvision
IFRS accounting - Exposure draft on lease accounting has been released recently. The presentation gives an brief overview on the basic principles and how it may impact your organization
Preparing for the new lease accounting standard can seem like a daunting task. In this webinar, we reviewed how you can handle and prepare to navigate your business through the new lease accounting standard in 2022.
Lease Accounting: Preparing Your Business for 2022Citrin Cooperman
Making a smooth transition to the new lease accounting standards and putting new practices in place for the future is a top priority for any business as they plan for 2022. During this webinar session, we reviewed how you can handle and prepare to navigate your business through the new lease accounting standards.
Topics included:
- What private companies should think about for 2022
- How the lease accounting standards can impact your financial
statements, financial covenants, and taxes
- Identifying opportunities for your business due to the new lease
accounting standards
Lease Accounting - The New Exposure DraftDecosimoCPAs
Decosimo Assurance Principal Robert Belcher presented "Leases - The New Exposure Draft" at the 2013 Decosimo Accounting Forum hosted by the University of North Alabama on July 19.
January 2011 A&A update from Frazier & Deeter, LLCbgodshall
We recently delivered this slide deck to clients and associates of Frazier & Deeter concerning recent developments with proposed convergence accounting standards. These standards are linked to IFRS, but will be effective for all US GAAP entities, regardless of status of IFRS in the US.
Accounting and Financial Reporting – Current Developments .docxnettletondevon
Accounting and Financial Reporting – Current Developments
156
I. Changes Coming To Lease Accounting
The FASB's lease accounting project has nine lives and has survived two exposure drafts while
headed toward final passage. As of early 2015, the FASB is putting the finishing touches on a
new lease standard that, when passed, will make dramatic changes to the way companies
account for lease transactions. In particular, most leases will be capitalized, resulting in billions
of dollars of assets and liabilities being recorded on company balance sheets.
Although the lease accounting project has gone through numerous changes, the fundamental
concept that leases be capitalized is not going to change in the final document.
In this section, the author discusses the general concepts that are included in the most recent
lease exposure draft, with modifications that have been proposed by the FASB through their
ongoing deliberations.
Background
Under current GAAP, ASC 840, Leases (formerly FASB No. 13), divides leases into two
categories: operating and capital leases. Capital leases are capitalized while operating leases
are not. In order for a lease to qualify as a capital lease, one of four criteria must be met:
1. The present value of the minimum lease payments must equal or exceed 90% or more of
the fair value of the asset.
2. The lease term must be at least 75% of the remaining useful life of the leased asset.
3. There is a bargain purchase at the end of the lease.
4. There is a transfer of ownership.
In practice, it is common for lessees to structure leases to ensure they do not qualify as capital
leases, thereby removing both the leased asset and obligation from the lessee’s balance sheet.
This approach is typically used by restaurants, retailers, and other multiple-store facilities.
Consider the following example:
Facts:
Lease 1: The present value of minimum lease payments is 89% and the lease term is 74% of
the remaining useful life of the asset.
Lease 2: The present value of minimum lease payments is 90% or the lease term is 75% of the
remaining useful life of the asset.
Accounting and Financial Reporting – Current Developments
157
Conclusion: There is a one percent difference between Lease 1 and Lease 2. Lease 1 is an
operating lease not capitalized, while Lease 2 is a capital lease under which both the asset and
lease obligation are capitalized.
SEC pushes toward changes in lease accounting
In its report entitled Report and Recommendations Pursuant to Section 401(c.) of the
Sarbanes-Oxley Act of 2002 On Arrangements with Off-Balance Sheet Implications, Special
Purpose Entities, and Transparency of Filings by Issuer, the SEC targeted lease accounting as
one of the areas that results in significant liabilities being off-balance sheet.
According to the SEC Report that focused on U.S. public companies and a U.S. Chamber of
Commerce report:
a. 63 .
Lease accounting received an accounting overhaul with the recent release of the Financial Accounting Standards Board (FASB)'s Accounting Standards Update 2016-02 Leases (Topic 842). The new standard most significantly changes lessee accounting compared to existing US GAAP, but also has some targeted changes for lessor accounting. Overall, ASU 2016-02 seeks to improve transparency to the economics of lease transactions and bring lease accounting into line with other recently released accounting standards updates, such as the changes to Revenue from Contracts with Customers (Topic 606).
[Podcast] Time to prepare... for lease accounting changesJLL
The lease accounting changes will have a significant impact on your business - from finance to operations to technology! Don’t wait to begin the planning process. Learn from a panel of real estate and accounting experts in a discussion on the key aspects of the revised accounting requirements and their impact on your bottom line.
Banking Industry Whitepaper: Implications of the Lease Accounting Changesjmeedzan
Banking Industry Whitepaper: This whitepaper presents the most important elements and implications of the Revised FASB and IASB Lease Accounting Change Exposure Draft at a high level to provide the reader with a basic understanding of the proposed lease accounting changes and the potential impact to banks as both a lender and a lessee. In the introductory pages we will review the background and details around the proposed changes to give the reader a historical recap over the past few years. We will then review how we see the proposed lease changes impacting the Banking industry.
McKonly & Asbury’s April webinar entitled, “Leasing: A New Standard is Finally Here” is hosted by Dan Sturm, Partner; Brett Bauer, Senior Manager; and Tim Showers, Supervisor. During this webinar, attendees will learn how ASC 842 differs from ASC 840; will see illustrative financial statements which highlight exactly what changes as a result of the new standard; and will gain an understanding of what they should be doing now to prepare.
Your Leasing Questions Answered - May 2018CBIZ, Inc.
Accounting for leases is changing. Beginning in 2019 for public business entities and 2020 for private companies, the new leasing standard will require most operating and finance leases to be recorded on the balance sheet. It also expands the definition of a lease and adds disclosure and presentation requirements. This Q&A article may help simplify the implementation process.
Similar to LIVE EVENT - 3rd Annual Fall Construction Risk Update - September 30 (20)
2022 Rea & Associates' Cybersecurity Conference Rea & Associates
This presentation will give you insights into timely information about current cybersecurity threats faced by small and mid-sized businesses, incident response plans, and Cybersecurity Maturity Model Certification (CMMC) compliance protocols required for government contracts and what you need to do now to protect your business from a cyberattack.
In the last couple years, we have all seen firsthand how crucial the manufacturing industry is to our daily lives in many ways. Our commitment to support the ongoing success of the manufacturing industry remains a top priority for us, and we are thrilled to invite you to the sixth annual Manufacturing Education Day, held in conjunction with National Manufacturing Day 2022.
Whether you manufacture pallets, pivoted from your core product to produce PPE, or you are a retailer who is looking for some great insight from industry experts, we would be glad to have you join us.
This year, we are proud to be back in person for the fifth annual Manufacturing Education Day on October 29, 2021. As the year comes to an end Rea & Associates is thrilled to bring together top industry experts to support the ongoing success of the manufacturing industry.
Whether you manufacture pallets, pivoted your core products, or are looking for great insight, register today to ensure you don’t miss this essential event!
HR Compliance & Insurance Benefit Perspectives: What Employers Should Be Awar...Rea & Associates
Guidelines for employees are constantly changing but it’s important that businesses stay on top of mandates and regulations. What risks should organizations be informed about? Is your organization able to have varied insurance premiums for vaccinated vs. non-vaccinated employees?
Join Rea & Associates and Huntington Insurance for a deep dive into best practices for exposures, insurance perspectives, and vaccine mandates and regulations.
[ON-DEMAND WEBINAR] COVID 2.0 | Tips To Address New Cases, Mask Mandates, & V...Rea & Associates
Continued hospitalizations, new COVID variants, reemerging mask mandates, and further discussions around vaccination requirements in the workplace make it clear that the COVID crisis is far from over. Needless to say, there's a lot of worry and an avalanche of questions from business owners and community leaders at any given moment. What are you doing to prepare for COVID crisis 2.0?
Join Rea & Associates and Critchfield, Critchfield & Johnston for a free, hour-long webinar that will help your small- to mid-sized businesses prepare for the next wave of COVID while protecting your organization and employees during continued uncertainty. Our HR and legal experts will be on hand to answer your questions regarding new COVID cases, CDC guidelines, FFCRA leave, vaccination requirements, and more
Learn More About The COVID 2.0 Crisis From Industry Experts
Join Renee West, SHRM-SCP, PHR, senior manager and HR consulting lead at Rea & Associates, and Kimberly Hall, chair of the employment law practice group at Critchfield, Critchfield & Johnston, to learn answers to some of the most frequently asked questions regarding COVID this fall. Specifically, during this free, one-hour long presentation, attendees will learn more about:
- How to handle new positive COVID cases among employees.
- Ensuring there is proper COVID protocol established for your organization and safety guidelines already in place.
- Whether your business can require vaccination and if such a policy makes sense for your business.
- Can employers require a vaccine for employees.
- How the delta variant covid threat is different.
- If mask mandates are coming back and whether employers can implement such requirements.
- Insight into OSHA guidance
- What to do to protect your business from a compliance standpoint.
Insight into CDC guidelines, FFCRA, and much more!
The duo will also set aside time during the presentation to answer your questions on the subject of COVID and how your business can address specific challenges.
#COVID2.0 #vaccinations #maskmandates #HRConsulting #OhioCPAF irm
[ON-DEMAND WEBINAR] Revealing The State & Local Tax Considerations Of A Remot...Rea & Associates
Tax Consequences Holding You Back From Deploying A Remote Workforce?
As remote work continues to overtake the traditional workforce, organizations must understand state and local tax considerations for their remote employees before adopting such a policy. Due to quick changes in the work environment and work-from-home arrangements many tax consequences that may result in your business reconsidering the deployment of a remote workforce. Fortunately, state and local tax leader and a principal with Rea & Associates, Kathy LaMonica, will be on hand to explain what businesses are up against. She will also be taking your questions throughout the presentation. Read on to discover what you will hear during this free, hour-long webinar.
State & Local Tax Guidance To Guide Your Remote Workforce Decision
Join Rea & Associates for a free, hour-long webinar to gain insight on tax law updates, remote work implications, what land mines you need to be aware of when registering for payroll taxes in new states, and more. During this event, you will:
- Gain insight on the Wayfair decision, and recent updates that may affect your business 3 years later.
- Take a deep dive into the State and Local direct and indirect tax concerns when hiring remote workers.
- Receive an update on Ohio Municipal Tax legal challenges.
- Tune in for predictions of where the states may be headed with the taxability of services and digital products, and how that may affect your compliance requirements.
- And more!
Kathy, an income principal on the firm's state and local tax team, focuses on sales and use tax consulting, compliance, and implementing technology solutions for businesses and organizations that continue to struggle with the various tax laws found throughout the nation. Since COVID-19 emerged and the topic of working remote took center stage, she has been tracking the implications associated with deploying a remote workforce. You won't want to miss this one!
#ReaCPA #State&LocalTax #RemoteEmployees
[ON-DEMAND WEBINAR] How To Hire More Employees & Keep Them Happy: Tips To Att...Rea & Associates
Businesses are facing a talent shortage as, these days, it's a job-seeking market. Prospective employees are able to be pickier when it comes to choosing the organization they would like to build a career with. From the outside looking in, how is your organization viewed? Attracting and retaining key talent is fundamental to your organization's success. Understanding best practices and following strategic employer resources could lead your organization to become an employer of choice. If you are determined to hire more employees in the coming months or years, register for this free webinar.
Renee West, SHRM-SCP, lead HR consultant and leader of Rea & Associates' HR consulting practice will share tips that will help you better position your organization in today's competitive marketplace. She will also talk about company culture and how yours can help bring more employees in the door and encourage them to stay. These professional services tips will help you identify ideal employees and keep them for the long term.
Hire More Employees With These Learning Objectives
Those looking to hire more employees and keep them happy once they get there to reduce employee turnover should check out this free, hour-long webinar to achieve the following learning objectives. You will:
- Gain insight on strategic recruitment and practices to help attract key talent and retain talent.
- Dive deep into state resources, including Ohio Means Jobs, and credits for employers to grow and develop current employees.
- Learn how to implement internal recruitment programs, including internship initiatives, apprenticeships, and referral incentives.
- Break down employee retention strategies and the benefits and compensation strategies employers should have in place to keep existing employees happy and on the payroll.
- And so much more ...
#ReaCPA #HRSolutions #HireBetter
[ON-DEMAND WEBINAR] Managed Service Providers vs Managed Security Service Pro...Rea & Associates
With an increase in remote work worldwide, data security measures should be top of mind. Ensuring your IT systems are operational, and your data and systems are safe, secure, and compliant should be one of your organization's top priorities. Unfortunately, many businesses, organizations, and entities mistakingly believe that their systems are completely protected by the existing relationships owners have developed with their managed service providers. That's not necessarily the case. Join Rea & Associates' Cybersecurity Services Team for a free, hour-long webinar taking a deep dive into understanding the difference between your Managed Service Providers (MSP) and Managed Security Service Providers (MSSP). Our cyber professionals will tell you everything you need to know when it comes to MSPs vs. MSSPs.
Shawn Richardson, principal and director of cybersecurity and data protection services, and Jorn Baxstrom, a cyber consultant with the firm, experts in the MSSP space, will provide you with insight into the differences of each role. Additionally, they will provide insight that will help you choose the right vendors and third-party service providers when it comes to protecting your organization, employees, and clients.
Plan to sit in on this informative session. Attendees will ...
- Be treated to a deep dive into the differences between Managed Service Providers and Managed Security Service Providers.
- Gain an understanding of your MSSPs role and where they provide support for your security program.
- Discover what the CIA Triad is and why is it important for your organization's cybersecurity infrastructure.?
- And so much more ...
Find out how outsourced cybersecurity services and managed detection and response services are essential to threat hunting and protecting your business. If you would like to learn more about MSPs vs. MSSPs, check out the following resources, including the following episodes from Rea & Associates' award-winning weekly business podcast, unsuitable on Rea Radio:
https://www.reacpa.com/insight/episode-276-msp-versus-mssp-whats-the-difference/
https://www.reacpa.com/insight/are-you-managing-your-cybersecurity-risk-exposure/
https://www.reacpa.com/insight/perspectives-what-does-the-it-department-do/
#MSSP #CyberServices #BusinessProtection #ReaCPA
[ON-DEMAND WEBINAR] CPA Pros Prepare For The 2020 Medicaid School Program (MSP)Rea & Associates
Clarifying The Cost Report, Agreed-Upon Procedures, And More
It feels like we just completed the round of Medicaid school program (MSP) cost reports and agreed-upon procedures for the period ending June 30, 2019 – and here we are starting the process of collecting data for the period ending June 30, 2020. The completion of the June 30, 2019 engagements resulted in the Ohio Department of Medicaid issuing approximately $75 million in cost settlements! We know how important this program is to all of you, and we want to work with you to get this next round completed.
To get ready for this next round, we would like to invite all of you to this free, hour-long webinar. The MSP team from Rea & Associates will provide you tips for preparing for this round of agreed-upon procedures, a section-by-section update, and common issues we identify during the engagement.
Find out why it's important for iep parental consent and how agreed upon procedures can put your district in a position to succeed.
Ready To Learn About The 2020 Medicaid School Program?
During this free, hour-long webinar for Ohio school districts, you'll:
- Gain insight on how to prepare for agreed-upon procedures.
- A section-by-section walkthrough with industry professionals and tips on how to identify and avoid potential hurdles.
- Insight on common issues that may arise during the engagement.
- And so much more ...
This informative webinar is presented by two leaders on Rea & Associates government services team, Zac Morris and Ken Richards. The duo is coming prepared to present the insight and technical information you need to ensure compliance with the 2020 Medicaid School Program. For more information, visit the Rea & Associates' website at https://www.reacpa.com.
As a top 100 CPA firm and professional services organization, Rea's government services team is committed to providing you with the tools and insight you need to drive effectiveness and efficiency throughout your entity.
#MedicaidSchoolProgram #CostReporting #AgreedUponProcedures #ReaCPA
[ON-DEMAND RECORDING] Deep Impact: Is Your Manufacturing Company On A Collisi...Rea & Associates
CMMC (Cybersecurity Maturity Model Certification) brings together a standard for the implementation of cybersecurity for those companies doing or wanting to do business with the Department of Defense (DoD). The framework includes comprehensive, and scalable certification elements to verify your implementation of process and practices associated with the cybersecurity maturity level your organization needs to achieve to win proposals. This on-demand webinar presentation featuring Andrew Geiser, a senior manager on Rea & Associates' manufacturing and distribution team, and Ty Whittenburg, a senior information systems analyst on the firm's cybersecurity and data protection, will explain how will CMMC impact manufacturing companies. The duo will also go through the various levels associated with CMMC and explain how to know which CMMC level you need based on your company's business model.
This presentation is co-sponsored by Rea & Associates and the Southeast Ohio MEP and is designed to provide insight on CMMC standards for your Manufacturing organization.
During this free webinar, you will hear how CMMC compliance aligns with NIST 800-171, NIST 800-53, and whether your organization need to comply with specific CMMC levels, including CMMC level 3.
For more information, contact Andrew or Ty directly or visit https:www.reacpa.com for more.
#CMMC #DepartmentOfDefense #cybersecurity
[ON-DEMAND WEBINAR] Security Wars: Episode 2 | CMMC: Return of The Process Fo...Rea & Associates
Use The Process To Drive A Culture Of Growth & Security Within Your Organization
Present-day in our galaxy, right here…
The US Department of Defense (DOD) recently developed and established the Cybersecurity Maturity Model Certification (CMMC) as the new standard for the Defense Industrial Base (DIB). More plainly, it’s a certification process that provides assurance to the DOD that a required entity is equipped to protect unclassified information, including any data that transfers between its vendors and partners.
That’s a simplified definition of what a CMMC is and it already sounds complicated. It doesn’t have to be, though. Etactics and Rea & Associates have joined forces to break down every facet of this new certification into a comprehensive webinar series entitled Security Wars.
Return Of The Process
The second webinar in our Security Wars series guides you through the process of establishing an organizational culture that supports a CMMC. Matt Moneypenny, senior marketing & sales analyst at Etactics, Ty Whittenburg, senior information assurance manager at Rea & Associates, and Zach Getz, senior software developer at Etactcs, place a keen focus on workflow enhancements and process improvements that have a lasting impact on your cybersecurity.
Who Should Watch?
If you are one of the more than 221,000 suppliers to the Department of Defense (big, small, prime, or subcontractor); if you handle any Federal Contract Information (FCI) or Controlled Unclassified Information (CUI), or if you need to become certified to bid on and receive contracts this year and into the future, this webinar series is tailor-made for you.
Learn You Will ...
By the end of this webinar, participants will be able to...
- Align organizational processes with CMMC guidelines.
- Foster a culture of support for CMMC.
- Plan growth and maturity through CMMC accreditation.
If you would like to learn more about CMMC compliance, what your CMMC assessment, or NIST 800-171, contact Rea & Associates or Etactics today.
https://www.reacpa.com
#CMMC #CybersecurityMaturityModel #SecurityWars #ReaCPA
Large-scale cyber-attacks continue to take down businesses large and small. What are you doing to protect and manage the cybersecurity risk exposure of your business in the event of a cyber-attack in accordance with new government guidelines?
During this free, 45-minute webinar, cyber professionals from Rea & Associates and Oswald Companies provide you the insight necessary to identify risks to your existing cybersecurity and data protection framework, protect your company from bad actors, and adhere to the Department of Defense's regulations.
What You'll Learn About Cybersecurity Risk Exposure
By the end of this informational webinar, participants will be able to ...
- Gain insight on current ransomware breaches and the existing cybersecurity threat landscape while touching on the recent Microsoft Exchange and Solarwinds hacks.
- Understand the best controls and processes for your company and how to determine your organization's cybersecurity model.
- Determining your organization's cybersecurity maturity and the best cyber policy for your current needs while making room for growth.
During this webinar, you will also hear cyber liability insurance explained by cyber insurance experts from Oswald companies. You'll learn the ins and outs of asset management so if a data breach ever does occur in your company, you'll be ready. Furthermore, you'll discover the importance of a thorough risk assessment and how to move forward with one of your own. Don't miss this free webinar!
If you would like to learn more, visit https://www.reacpa.com.
[ON-DEMAND WEBINAR] Covid Vaccine & HIPAA: Can Employers To Receive The COVID...Rea & Associates
As the COVID-19 vaccine continues to roll out, understanding how to navigate and conduct neutral conversations in the workplace is becoming a priority. How can you inform your employees about vaccine options, but stay HIPAA compliant and abide by legal limitations? Are you allowed to require employees to be vaccinated? What can you ask your employees about their vaccine history?
Join Rea & Associates and Critchfield, Critchfield & Johnston for a free, hour-long webinar, to gain insight about the COVID-19 vaccine, employer and employee resources from a human resource and legal perspective, CDC guidelines for continued employee safety, and more!
This informative webinar presented by Renee West, SHRM-SCP, PHR, a senior manager and HR consulting lead at Rea & Associates, and Kimberly Hall, a legal expert with Critchfield, Critchfield & Johnston, Ltd., will address the following points.
What You'll Hear About The COVID Vaccine:
- How mandating a vaccine could impact employee relations.
- Guidance on how to navigate and conduct employee discussions about the vaccination.
- Gain insight on best practices and the legal limitations on mandatory vaccination policies.
- Whether is it legal for employers to mandate that employees receive the COVID-19 vaccine as a condition of employment?
- Employer and employee resources regarding COVID-19 vaccines, CDC guidelines for continued employee safety, HIPAA compliance.
- Additionally, the duo will set aside a significant portion of time to address your specific questions at the end of their formal presentation.
- Changes made to the FFCRA.
If you would like to learn more about this topic or Rea & Associates, visit https://www.reacpa.com.
#COVIDvaccine #HRcompliance #FAQ
The Not-So-Obvious Business Implications Of Remote Work:
Organizations of all sizes continue to transition their employees to remote work. While technology may make this type of shift easy, handbook updates, state and local tax considerations, and payroll challenges present areas of concern. This webinar will help owners think about the impact remote work policies might have on your organization.
First, seriously consider whether this type of workplace flexibility is right for your business or organization. Then, upon deciding to move forward, think about the advisors you'll need to reach out to for help. Your advisor team should work to identify a solution that works in the company's financial best interest while maintaining compliance with all applicable tax laws. Of course, be sure to always review your company's existing policies before forging ahead. Finally, think through the importance of writing new guidance for employees to follow and the protection you need to secure for ongoing business protection.
Join Rea & Associates for a free, hour-long webinar, to gain insight from a State & Local Tax perspective. Then you'll gain the insight necessary to better understand policies and procedures from a Human Resource professional. Wrapping up, our trio of subject matter experts will review some of the biggest land mines you need to be aware of when registering for payroll taxes in new states, and more!
What You'll Hear
During this presentation, you'll hear about the impact remote work could have on your various parts of your organization, including your:
- Tax Bill - Learn why employing out-of-state team members may impact your business's tax liability. Be sure to understand how a remote work relationship could trigger nexus in new states.
- Company Logistics - Prepare for new “work-from-anywhere programs” and how to manage employees who have decided to work remotely.
- Employee Handbook -What policies and procedures should employers consider pertaining to the remote work environment? Employee accountability, work schedules, performance metrics, and communication timeliness should all be addressed.
- The Rea team and professional services experts will also touch on various other HR policies, sales tax, income tax, and payroll considerations when it comes to managing remote employees
Listen to this episode to learn more or check out the Rea & Associates' website at https://www.reacpa.com to discover how our team of experts can help you!
#WorkingRemote #Nexus #HRconsiderations
EPISODE 1 | Security Wars: A New Goal: CMMC Compliance & Department of Defens...Rea & Associates
Present-day in our galaxy, right here …
The US Department of Defense (DoD) recently developed and established the Cybersecurity Maturity Model Certification (CMMC) as the new standard for the Defense Industrial Base (DIB). More plainly, it’s a certification process that provides assurance to the DoD that a required entity is equipped to protect unclassified information, including any data that transfers between its vendors and partners.
That’s a simplified definition of what a CMMC and CMMC compliance is and it already sounds complicated. It doesn’t have to be, though. Etactics and Rea & Associates have joined forces to break down every facet of this new certification into a comprehensive webinar series entitled Security Wars.
The first webinar in our Security Wars series serves as a necessary introduction to CMMC. Join Matt Moneypenny, senior marketing and sales analyst at Etactics, and Ty Whittenburg, senior information assurance manager at Rea & Associates, as they unpack the DoD’s newest standard by starting with its three maturity levels and their implications on data protection.
#SecurityWarsSeries #CMMC #Cybersecurity
Learn more about Rea & Associates at https://www.reacpa.com
Discover how Etactics can help your business at https://etactics.com/
[ON-DEMAND WEBINAR] Understanding SOC2: A SOC 2 Guide for Managed Service Pro...Rea & Associates
As a managed service provider, securely managing your data to protect the interests of your organization, reinforce the integrity of your business, and ensure the data security of your clients can be a challenge – but it is possible. During this free, hour-long webinar, Brain Garland and Paul Hugenberg, leaders on Rea & Associates' cybersecurity and data protection team, will guide you through SOC 2 compliance, and how this incredible tool can help you leverage your existing data security framework and business model to ensure long-term organizational success and sustainability.
Join us to learn:
- What SOC 2 is and what it is specifically designed to accomplish.
- How SOC 2 can improve your organization’s safety, credibility, and overall profitability.
- When a SOC 2 absolutely necessary to a business’s long-term financial and organizational wellness.
- How CMMC Works With SOC2
To learn more about SOC2, visit https://www.reacpa.com/contact-us/ to reach out to a member of our team.
#SOC2 #ReaCyber #ReaCPA
[ON-DEMAND WEBINAR] Third Annual Construction Industry Kickoff | Rea & Associ...Rea & Associates
After the year we've had, it's only natural to be a little cautious going into 2021. Rea & Associates and Overmyer Hall Associates want to help you start the new year on the right foot with our third annual Construction Kickoff. This year, we will be hitting on best practices and recommendations regarding tax, surety bonds, risk management, PPP, and more. Don't miss this essential event for construction industry leaders.
Presented by Rea & Associates and OBermyer Hall Associates, this three-hour presentation features Doug Houser, Scott Bechtel, Jack Kehl, David Catanese, and Joe Urquhart. The format of the presentation is as follows:
- Economic Outlook and Financing
- Surety Outlook for 2021 and Aftermath of COVID
- Tax Update, Overall Update (PPP, Biden Tax Plan, etc.)
- Risk Management, Need-To-Knows For Insurance Companies
View the presentation today to collect the information necessary for building a successful year in the construction industry.
#ReaCPA #ConstructionBusinessTips #OhioCPAFirm
[ON-DEMAND WEBINAR] New Year, New COVID 19 Vaccine, New Unemployment Rules, N...Rea & Associates
Ringing in the new year is a lot different this time around, particularly if you are a business owner trying to make sense of human resources updates. The rules are a lot different from what they were a year ago and now business owners must shuffle through a slew of updated HR policies and best practices to ensure compliance with ever-changing legislation. Renee West, SHRM-SCP, PHR, senior manager and leader of Rea & Associates' HR consulting services practice, has been committed to following federal and state-wide legislation in order to provide you with key updates to ensure ongoing compliance in your organization.
During this free, hour-long webinar, Renee will go over:
- FFCRA Leave updates and unemployment extension information PUA unemployment details, and unemployment benefits
- COVID 19 vaccine resources for employers
- 2021 HR policies
- Best practices to mitigate risk in 2021.
- And more ...
For more insight into the HR considerations for businesses, visit https://www.reacpa.com
#ReaCPA #HRCompliance #COVIDCrisis
[ON-DEMAND WEBINAR] Next Steps In COVID 19 Protocols & ComplianceRea & Associates
The COVID-19 (coronavirus) crisis continues to show no signs of slowing down and as we proceed toward year-end, businesses continue to be tasked with the seemingly impossible task of maintaining the safety of their employees and customers, while ensuring that the business stays operational. Renee West, HR consultant at Rea & Associates and regional expert in the areas of COVID-19 protocols, human resources compliance, and local, state, and federal safety guidelines will once again share critical insight to help your organization persevere throughout the month of December and beyond.
Join us for this free hour-long on-demand webinar to hear:
- COVID-19 protocol updates and continued compliance resources for employers and employees as cases continue to spike.
- FFCRA leaves and discussion about whether they will be left to expire or will they be extended.
- CDC updates and state mandates pertaining to COVID-19.
#HRBestPractices #COVID19 #ReaCPA
[ON-DEMAND WEBINAR] Social Security v. Medicare: Addressing Your Most Asked Q...Rea & Associates
Will Social Security Be There For You?
We don't know anybody who doesn't have questions when it comes to the topic of Social Security and Medicare. There are worries regarding long-term availability, how to maximize benefits, and when certain tasks should be done - to name a few. This hour-long webinar will answer many of these vital questions to provide you with the peace of mind that you need when entering this new phase of your life.
What You'll Learn:
Presented by later life planning experts, Darlene Finzer with Rea & Associates and Terry O'Shea and Rhonda Kraus with Senior Benefit Advantage, we will dive into the following points:
- The two big questions regarding Social Security: Will it be there for me and (if so) how do I maximize benefits?
- A deeper look at the history of Social Security versus where it stands today.
- Important (but maybe lesser-known) facts about Social Security that all Americans should know.
- What is Medicare, what does it cost, what does it cover and when can you get it?
- Comparing original Medicare, Medicare Supplement, and Medicare Advantage - and which one is right for you?
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Buy Verified PayPal Account | Buy Google 5 Star Reviewsusawebmarket
Buy Verified PayPal Account
Looking to buy verified PayPal accounts? Discover 7 expert tips for safely purchasing a verified PayPal account in 2024. Ensure security and reliability for your transactions.
PayPal Services Features-
🟢 Email Access
🟢 Bank Added
🟢 Card Verified
🟢 Full SSN Provided
🟢 Phone Number Access
🟢 Driving License Copy
🟢 Fasted Delivery
Client Satisfaction is Our First priority. Our services is very appropriate to buy. We assume that the first-rate way to purchase our offerings is to order on the website. If you have any worry in our cooperation usually You can order us on Skype or Telegram.
24/7 Hours Reply/Please Contact
usawebmarketEmail: support@usawebmarket.com
Skype: usawebmarket
Telegram: @usawebmarket
WhatsApp: +1(218) 203-5951
USA WEB MARKET is the Best Verified PayPal, Payoneer, Cash App, Skrill, Neteller, Stripe Account and SEO, SMM Service provider.100%Satisfection granted.100% replacement Granted.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
Skye Residences | Extended Stay Residences Near Toronto Airportmarketingjdass
Experience unparalleled EXTENDED STAY and comfort at Skye Residences located just minutes from Toronto Airport. Discover sophisticated accommodations tailored for discerning travelers.
Website Link :
https://skyeresidences.com/
https://skyeresidences.com/about-us/
https://skyeresidences.com/gallery/
https://skyeresidences.com/rooms/
https://skyeresidences.com/near-by-attractions/
https://skyeresidences.com/commute/
https://skyeresidences.com/contact/
https://skyeresidences.com/queen-suite-with-sofa-bed/
https://skyeresidences.com/queen-suite-with-sofa-bed-and-balcony/
https://skyeresidences.com/queen-suite-with-sofa-bed-accessible/
https://skyeresidences.com/2-bedroom-deluxe-queen-suite-with-sofa-bed/
https://skyeresidences.com/2-bedroom-deluxe-king-queen-suite-with-sofa-bed/
https://skyeresidences.com/2-bedroom-deluxe-queen-suite-with-sofa-bed-accessible/
#Skye Residences Etobicoke, #Skye Residences Near Toronto Airport, #Skye Residences Toronto, #Skye Hotel Toronto, #Skye Hotel Near Toronto Airport, #Hotel Near Toronto Airport, #Near Toronto Airport Accommodation, #Suites Near Toronto Airport, #Etobicoke Suites Near Airport, #Hotel Near Toronto Pearson International Airport, #Toronto Airport Suite Rentals, #Pearson Airport Hotel Suites
LIVE EVENT - 3rd Annual Fall Construction Risk Update - September 30
1.
2.
3.
4. ASU 2016-02
• ASU 2016-02, Leases
• Creates Topic 842, Leases, in the FASB Codification
• Supersedes FASB ASC 840, Leases
• Applies only to leasing of property, plant,
and equipment
• Entities that hold numerous equipment and real estate
leases, in particular those with numerous operating
leases, will be most affected by this
new guidance
5.
6. HIGHLIGHTS
• Operating leases will now be recorded in the
statement of financial position as assets and
liabilities
• Retains a distinction between finance leases and
operating leases
7. HIGHLIGHTS
• No more “bright-line”
thresholds as under current
U.S. GAAP
75% life
90% fair value
Bargain purchase option
Title transferred at the end of the
lease term
FASB ASC 842-10-66-2 notes that
numerical thresholds above are
“one reasonable approach” to
assessing lease classification
criteria
8.
9. DEFINITION OF A LEASE
What is a lease?
• Understanding the definition and determining whether a contract is
or contains a lease will be crucial
• Much more extensive than previous U.S GAAP
Previous U.S. GAAP Definition New Definition under FASB ASC
842
An agreement conveying the right
to use property, plant, or equipment
(land and/or depreciable assets)
usually for a stated period of time
A contract, or part of a contract,
that conveys the right to control the
use of identified property, plant, or
equipment (an identified asset) for
a period of time in exchange for
consideration
10. DEFINITION OF A LEASE
• Key differences in the 2 definitions:
New definition refers specifically to a contract and includes mention
that a lease can be viewed as only being part of a contract
New definition specifically includes the term “control” within the
context of the lease
New definition includes mention of the fact that the lease requires
an "exchange of consideration”
• This definition was changed from the original ED issued in
2010 (which retained the original definition currently in U.S.
GAAP), as respondents noted that the 2010 definition would
result in a significant increase
11. RIGHT TO CONTROL USE OF ASSET
• An entity has the right to direct the use of the asset
throughout the period of use in ether of the following
situations:
• The entity has the right to direct how and for what purpose the asset is
used throughout the period of use
• The decisions about how and for what purpose the asset will be used
are predetermined and at least one of the following conditions exist--
– The entity has the right to operate the asset (or direct others
to operate) throughout the period of use without the supplier
having the right to change those operating instructions
– The customer designed the asset (or specific aspects of it)
in a way that predetermines how and for what
12.
13. COMMENCEMENT DATE
• The date on which a lessor makes an underlying asset
available for use by the lessee
• Date on which the lessee is required to measure and
record both:
The lease liability at the present value of the lease payments
not yet paid, using the discount rate for the lease
The right-of-use asset
14. DISCOUNT RATE
• The rate that the entity uses to discount future lease
payments should be the rate implicit in the lease if it is
readily determinable
• If not determinable, the entity should use its incremental
borrowing rate
Implicit Rate
Incremental
Borrowing Rate
15. DISCOUNT RATE
• A lessee may use a single discount rate to apply to a
portfolio of leases assuming the result would not be
significantly different than individual discount rates
Private entities are permitted an
accounting policy election to use a risk
free discount rate for the lease (normally
the federal funds rate)
16. LEASE TERM
• The lease term should be the sum of the non-cancellable
period of the lease along with any periods covered by an
option to extend the lease if the lessee is reasonably
certain to exercise that option as well as any options to
extend that would be controlled by a lessor
Non-
Cancellable
Lease Period
Periods Likely
to Extend
Options to
Extend
Controlled by
Lessor
17.
18. LESSEE ACCOUNTING OVERVIEW
• Classification is similar to the classification in FASB ASC 840
• Balance sheet presentation- can not present finance leases/operating
leases on same line and must break out each on face or in notes
• Income statement presentation- Single lease expense presented in income
from continuing operations
Balance Sheet Income
Statement
Cash Flow
Statement
• Right-of-use
(ROU) asset
• Lease liability
• Amortization
expense
• Interest expense
• Principal-
financing Interest-
operating
• Right-of-use
(ROU) asset
• Lease liability
• Single lease
expense on a
straight-line basis
• Lease expense-
usually operating
19.
20. OPERATING LEASES
• Lessee accounting for operating leases:
Recognize a right-of-use asset and a lease liability, initially measured at the present
value of the lease payments, in the statement of financial position
Recognize a single lease cost, calculated so that the cost of the lease is allocated
over the lease term on a generally straight-line basis
Classify all cash payments within operating activities in the SOCF
Variable lease payments (which are not in substance fixed payments) that depend on
an index or a rate (such as the Consumer Price Index or a market interest rate),
initially measured using the index or rate at the commencement date
• Not updated unless a remeasurement event takes place
• To the extent more payments are shifted to variable lease payments, absent a remeasurement
event, balance sheet right-of use asset and lease liability would decrease
21. OPERATING LEASE EXAMPLE
Payments of $10,000 annually for five years
Interest rate at 5%
Year Lease
Liability
Cash Paid Interest
Accretion
Right of Use
Asset
Amortization of
Right of Use
Asset (PLUG)
Straight Line
Lease
Expense
A B A+B
0 $43,295 $43,295
1 $35,460 $10,000 $2,165 $35,460 $7,835 $10,000
2 $27,232 $10,000 $1,772 $27,232 $8,228 $10,000
3 $18,594 $10,000 $1,362 $18,594 $8,638 $10,000
4 $9,524 $10,000 $930 $9,524 $9,070 $10,000
5 $0 $10,000 $476 $0 $9,524 $10,000
TOTAL $50,000 $6,705 $43,295 $50,000
22. OPERATING LEASE EXAMPLE
Journal Entry at Inception:
Right of Use Asset $ 43,295
Lease Liability $ 43,295
Year 1 Journal Entry:
Lease Expense (amortization of ROU) $ 7,835
Lease Expense (accretion of lease liability) $ 2,165
Lease Liability $ 7,835
Cash $ 10,000
Right of Use Asset $ 7,835
Year Lease
Liability
Cash Paid Interest
Accretion
Right of
Use Asset
Amortization
of Right of
Use Asset
(PLUG)
Straight
Line
Lease
Expense
A B A+B
0 $43,295 $43,295
1 $35,460 $10,000 $2,165 $35,460 $7,835 $10,000
23.
24. FINANCE LEASES
• A lessee is required to classify a lease as a finance lease when it meets
any one of the following criteria:
The lease transfers ownership of the underlying asset to the lessee by the end of
the lease term
The lease grants the lessee an option to purchase the underlying asset that the
lessee is reasonably certain to exercise
The lease term is the major part of the remaining economic life of the underlying
asset
The present value of the sum of the lease payments and any residual value
guarantees by the lessee that is not already reflected in the lease payments
equals or exceeds substantially all of the fair value of the underlying asset
The underlying asset is of such a specialized nature that it is expected to have
no alternative use to the lessor at the end of the lease term
25. FINANCE LEASES
• Lessee accounting for finance leases:
Recognize a right-of-use asset and a lease liability, initially
measured at the present value of the lease payments, in the
statement of financial position
Recognize interest on the lease liability separately from
amortization of the right-of-use asset in the statement of
comprehensive income
Classify repayments of the principal portion of the lease
liability within financing activities and payments of interest on
the lease liability and variable lease payments within
operating activities in the statement of cash flows
26. FINANCE LEASES
• Some key differences from the previous standard:
No “bright lines” incorporated into the criteria (however, 75
percent of useful life and 90 percent minimum lease payment
thresholds are “one reasonable approach” per FASB ASC
842-10-55-2)
The guidance no longer uses the term “bargain purchase
option”
There are now five capital lease criteria instead of four with
the addition of “specialized nature that is expected to have no
alternative use to the lessor” criterion
27. LESSEE ACCOUNTING OVERVIEW
Balance Sheet Income
Statement
Cash Flow
Statement
• Right-of-use
(ROU) asset
• Lease liability
• Amortization
expense
• Interest expense
• Principal-
financing Interest-
operating
• Right-of-use
(ROU) asset
• Lease liability
• Single lease
expense on a
straight-line basis
• Lease expense-
usually operating
Classification is similar to the classification in FASB ASC 840
Balance sheet presentation- can not present finance leases/operating leases
on same line and must break out each on face or in notes
Income statement presentation- Single lease expense presented in income
from continuing operations
FINANCE
OPERATING
28.
29. LESSOR ACCOUNTING OVERVIEW
. Balance Sheet Income
Statement
Cash Flow
Statement
•Net investment in
the lease-
presented
separately
•Interest income
and any selling
profit on
thelease1
•Operating activity
•Continue to
recognize
underlying asset
•Lease income,
typically on a
straight-line basis
•Operating activity
Classification is similar to the classification in FASB ASC 840
Selling profit is recognized at lease commencement for sales-type leases and
over the lease term for direct financing leases (note: selling profit is rare for
direct financing leases). Special presentation requirements apply. Selling loss
recognized at lease commencement for both sales-type lease and direct
financing lease.
FINANCE
OPERATING
30. LESSOR LEASES
“The accounting applied by a lessor is largely unchanged from that applied
under previous GAAP.”
-ASU 2016-02, Summary, page 4
31. LESSOR ACCOUNTING
• A lessor is required to classify a lease as a sales-type when it meets
any one of the following criteria:
The lease transfers ownership of the underlying asset to the lessee by the end of
the lease term
The lease grants the lessee an option to purchase the underlying asset that the
lessee is reasonably certain to exercise
The lease term is for the major part of the remaining economic life of the
underlying asset
The present value of the sum of the lease payments and any residual value
guaranteed by the lessee that is not already reflected in the lease payments
equals or exceeds substantially all of the fair value of the underlying asset
The underlying asset is of such a specialized nature that it is expected to have
no alternative use to the lessor at the end of the lease term
32. LESSOR ACCOUNTING
• For a lease that does not qualify as a sales-type lease, a lessor is
required to classify a lease as a direct financing lease when both of the
following conditions are met:
• The present value of the sum of the lease payments and any residual
value guaranteed by the lessee that is not already reflected in the lease
payments and/or any other third party unrelated to the less or equals or
exceeds substantially all of the fair value of the underlying asset
It is probable that the lessor will collect the lease payments plus any amounts
necessary to satisfy a residual value guarantee
• “Dealer profit” distinction in current U.S. GAAP (FASB ASC 840)is
eliminated
• If a lease does not meet the criteria prescribed for a direct financing
lease, it should be classified as an operating lease
33.
34. RELATED PARTY LEASES
• Related party leases:
The recognition and measurement requirements for all leases
should be applied by lessees and lessors that are related
parties on the basis of legally enforceable terms and
conditions of the arrangement
In the separate financial statements of the related parties, the
classification and accounting for the leases should be the
same as for leases between unrelated parties
Must also apply disclosure requirements of FASB
ASC 850, Related Party Disclosures
35. RELATED PARTY LEASES
• Related party leases:
Account for related-party leases based on legally
enforceable terms and conditions of the lease
Some related party transactions are not
documented or are not “arm’s length”
36.
37. EFFECTIVE DATE AND TRANSITION
• Effective date and transition:
For PBEs, NFP entities that are conduit bond obligors, or EBP plans that file with the
SEC, the amendments were effective for fiscal years beginning after December 15,
2018, including interim periods with in those fiscal years – so those entities have
adopted the new standard.
For all other entities, the amendments are effective for fiscal years beginning after
December 15, 2021, and interim periods within fiscal years beginning after December
15, 2022
Early adoption is permitted
Modified retrospective approach, where entities will essentially run off those leases
existing at the beginning of the earliest comparative period presented
For operating leases, a lessee will present a lease liability in the statement of financial
position at each reporting date equal to the present value of the remaining minimum
rental payments and a right-of-use asset that is derived from the lease liability
38.
39. IMPLICATIONS
Absent future change, leverage ratios based on current U.S.
GAAP could be violated upon the adoption of the new lease
standard since liabilities will be increased under most
definitions of liabilities in debt agreements
• Debt to equity increases
• Interest coverage decreases
• EBITDA increases
• Return on assets decreases
• Current ratio decreases
Leverage ratio covenants
could be violated
40. IMPLICATIONS
The new lease standard makes a significant change in
accounting for related party leases by shifting from a
substance based criteria in current U.S. GAAP to accounting
for related party leases based on their legally enforceable
terms
New processes and procedures will be necessary for
segregating lease and non-lease components
Related Party Leases
Non-lease Components
41. IMPLICATIONS
Leases which embed payments for taxes and insurance in the
fixed lease payment may wish to consider revising the lease
to make these variable (pass-through) otherwise the
payments for taxes and insurance will be capitalized
Taxes and Insurance
43. OTHER IMPLICATIONS
Will you be able to track operating leases via journal entry or
will asset tracking software be needed?
Will leasing arrangements evolve into services? Will greater
amounts of lease consideration become variable?
Tracking lease assets
Future of Leasing?
44.
45.
46. Biggest news in sales tax since 1990s
• National change to sales and use tax rules impacts you
through your suppliers.
• Sales tax nexus can be obtained by remote sales alone!
~South Dakota v. Wayfair
• Example - Online Retailer selling to construction
contractors and others
47. Manufacturing presentations… for
Construction?
• How low can you go? Sales tax can give you a competitive
advantage in bids for certain industries.
• What areas can be purchased sales tax exempt, from Subs to
GCs?
Normally, subs would embed sales tax in their price, which you
would then upcharge.
For “directly used in manufacturing” items, no one has to pay tax.
• Other industries and out of state too.
52. Commercial Property/Casualty Market
Executive Summary
The following are key takeaways from The council of Insurance Agents & Brokers’ Commercial
Property/Casualty Market Report Q2 2021 (April – June 30):
• Q2 2021 was the 15th consecutive quarter of increased premiums, with
respondents reporting an average increase of 8.3% across all-sized accounts.
• Premiums increased for all lines of business for the 5th consecutive quarter,
though price increases for all lines moderated in Q2 2021 compared to previous
quarters. The only exception was Cyber, which recorded the highest premium
increase out of all lines, 25.5%, surpassing the17.4% increase in Umbrella by a
significant margin.
• Respondents agreed a rise in ransomware attacks, combined with lackluster risk
management protocols and lack of employee training, was one of the primary
drivers behind the notable increase in Cyber prices.
• Underwriting tightened significantly for troubled lines like Cyber and Umbrella.
Additionally, capacity contracted for both of those lines, with more than 80% of
respondents reporting a decrease in capacity for Cyber, and more than 70%
reporting the same for Umbrella.
53. 2021/2022 Rate Outlook
• Property +1% to 20%
• Contractors Equipment Flat to 15%
• General Liability +5% to 20%
• Auto +5% to 15% (depending on fleet size and losses)
• Heavy Fleets, Trucks, Losses – increases higher - +10% to 25%
• Builders Risk Flat to 5% - very competitive for MNC or better
• Builders Risk – Frame – rates continue to go up, terms and conditions
• Rates are up/Controls, Capacity, water/fire/theft mitigation requirements
• Umbrella/Excess +10% to 30%, more if over $10 Mil limit or a layered tower
• Premium is up due to underlying premium increases, rate increases, capacity issues
• Professional Flat to +10%
• Executive Risk – EPL, Crime, Fiduciary, Cyber 10% to 25%, Cyber could be more
• Workers Compensation (outside Ohio) – (5%) to Flat
54.
55. Insurance Tips and Best Practices
• Auto
• Claim issues – valuations (ACV vs market), catalytic converters
• Implement and practice a formal Fleet Safety Program
• Written Distracted Driving Policy
• Be Proactive with MVRs – new hires, current drivers, “own the process”
• Drivers eligibility guidelines
• Respond and implement recommendations from Insurance Company
• Telematics systems for larger fleets – ask your insurance company about
discounts
56. Insurance Tips and Best Practices
• General Liability for Contractors
• Update your subcontract agreement – insurance requirements and indemnity
• Contractual Risk Transfer Program – Contracts, Certificates
• Subcontractor pre-qualification
• Implement a QC/QA program
• “Occurrence” redefined endorsement
• Implement process to review upstream contracts for new or different insurance
requirements
• Review new Communicable Disease Exclusions
57.
58. 2021 Risk Management Issues
• Auto – Fleet Safety Program and Policy, Pro-active MVR process
• Cyber Liability/Crime – Risk Assessment and Training, Review your open ports
– 445 and 3389 *, MFA’s
• Employment Practices Liability – COVID-19 issues
• 1. Leave and Discrimination 2. Breach of contract 3. WARN Act 4. Wage and hour violations
• Frame Builders Risk over $10,000,000 – start early
• Umbrella/Excess – higher limits, layered tower, - i.e. Engie requirements
• Wrap-ups/OCIP/CCIP
59. Risk Management Issues
• Cyber Liability and Crime
• Computer Fraud
• Funds Transfer Fraud
• Social Engineering (Wire Transfer Fraud)
• Privacy and Security
• Breach Notification
• Extortion/Ransomware
• Business Interruption
• Ask for a proposal, consult with your CPA, IT firm, and Banker
63. OCIPs, CCIPs, Wrap-Ups
• Ask for the Wrap-up manual
• Read and Review the manual
• Send to your Insurance Advisor
• Understand the responsibilities of all parties
64.
65.
66. Agenda
Highlights of Biden Tax Plan
House Ways and Means Committee Report
Legislative Update
Planning Considerations
67. Biden Tax Plan
The Biden Administration released the “Green Book” in late May 2021
providing more detail on tax plan from the election period.
Corporate tax rate increase to flat 28%
Currently flat 21% under Tax Cut and Jobs Act
Lower than 35% prior to 2018 (graduated rates)
Alternative minimum tax with financial statement income in excess of
$100M to pay a minimum of 15% tax on financial statement income
Increase top marginal rate for individuals with income greater than $400k
from 37% to 39.6%
Phase out 199A deduction on income over $400k
Raise capital gain rates to 39.6% for income over $1M (+3.8% surtax for
Net Investment Income) – Retroactive for gains recognized after 4/28/21
Impose 12.4% Social Security payroll tax on incomes over $400k (2021
S.S. Wage limit is $142,800)
68. Biden Tax Plan
Overview of Individual Tax Rates
Old Law – 10%, 15%, 25%, 28%, 33%, 35%, 39.6%
TCJA – 10%, 12%, 22%, 24%, 32%, 35%, 37%
Biden’s Plan – 10%, 12%, 22%, 24%, 32%, 35%, 39.6%
Under current law $400,000 falls in the 32% bracket so not clear
how the overall tax brackets would be impacted under Biden
plan
Currently Qualified Business Income (199A) is taxed at effective
rate of 29.6%
Repeal 1031 Like-kind Exchange for taxpayers making over
$400K – Green Book proposes a cap of $500K per taxpayer
69. Biden Tax Plan
Tax Deduction Changes – (in plan at election time but not in Green Book)
New Itemized Deduction limitation for taxpayers with income over
$400k – Limit benefit of deduction to 28%
Limitation of itemized deductions (Pease limitation) – 3% reduction for
every dollar a taxpayer’s adjusted gross income (AGI) exceeds $400k
threshold
Eliminate TCJA’s $10,000 limit on state and local taxes
Inheritance Tax
Elimination of the step-up in basis rules that currently apply to
inherited assets subject to $1M lifetime exclusion
Estate Tax – Green Book did not address changes
Reduction of the 2021 exclusion amount for estate and gift taxes –
from $11.7M per individual to $3.5M.
Increase in highest marginal rate from 40% to 45%
70. House Ways & Means Committee Report
9/13/21 – Proposed changes released, subject to additional changes
Most proposed changes are effective after December 31, 2021
Capital Gains rate increases would be effective for tax years ending
after September 13, 2021.
71. House Ways & Means Committee Report
Corporate Tax Provisions
21% rate is replaced with graduated rate
18% up to $400,000
21% up to $5m
26.5% above $5m
Graduated rate phases out for corporations greater than $10m
Interest deduction limitation
Limitation for members in an international reporting group
Carried interests/cap gains
72. House Ways & Means Committee Report
Individual Tax Provisions
Top marginal tax rate increase from 37% to 39.6% - MFJ – taxable
income over $450,000, Single – taxable income over $400,000, MFS
– taxable income over $225,000
3% surcharge tax for MAGI over $5m ($2.5m for MFS)
Net Investment income extended to include ordinary income from
trade or business for taxpayers with taxable income over $400,000
($500,000 for MFJ) – 3.8%
73. House Ways & Means Committee Report
Individual Tax Provisions Continued
QBI cap on allowable deductions at $500,000 for MFJ, $250,000 for
single
LT Cap Gain increase from 20% to 25% for tax years ending after
September 13, 2021.
Transition rule for transactions entered into prior to September 13,
2021.
Permanently disallow “excess business losses” for non-corporate
taxpayers. Losses will be available for carryforward.
No mention of the $10,000 cap on State & Local/Real Estate Taxes
74. House Ways & Means Committee Report
Gift & Estate Tax Provisions
Reduction of federal estate and gift tax exclusion to $5m per
individual, effective for decedents dying and gifts made after
December 31, 2021.
Removal of Grantor Trusts
Assets held within Grant Trusts would be includible in Grantor’s
Estate
Distributions would be treated as gifts
Sales between grantor and Grantor Trust no longer disregarded for
income tax purposes
Effective for trusts created on or after the date of enactment and to
any portion attributable to contributions made on or after the date
of enactment.
75. House Ways & Means Committee Report
Retirement Plans
IRA Contributions
Prohibit additional contributions to Roth or traditional IRA if the
total value of the IRA and defined contribution retirement accounts
exceed $10m at the end of the prior tax year.
Applies to single taxpayers or MFS with taxable income over
$400,000
MFJ taxpayers with taxable income over $450,000
HOH with taxable income over $425,000
Roth conversions
Elimination for both IRAs and employer-sponsored plans for single
taxpayers or MFS with taxable income over $400,000
MFJ with taxable income over $450,000
HOH with taxable income over $425,000
76. House Ways & Means Committee Report
Retirement Plans continued
RMDs
Same parameters as above – RMD would be required for following
year. RMD would generally be 50% of the amount by which the
individual's prior-year aggregate traditional IRA, Roth IRA, and
defined contribution account balance exceeds the $10 million limit.
$20m limit considerations for account balances
77. Legislative Update
Challenging legislative process
Bi-partisan Infrastructure Packages
Additional spending and potential tax increases outside of the packages
which leads to differences in plans which lead to difference in party views
$3.5T infrastructure bill funded with $1.7T in tax increases/spending cuts
and $1.8T funded in deficit financing – does this end up being a smaller
amount?
House/Senate passage and possible conference – is there time by year-
end 2021?
78. Legislative Update
Budget reconciliation - With the 50/50 Senate instead of needing the
standard 60 votes for passage, it instead requires only a majority of 51
votes – tie breaker is Vice President
Budget reconciliation can only be used for bills impacting revenue or
spending (tax bills are eligible)
Recent tax law changes under budget reconciliation: 2001 tax cuts, 2003
tax cuts, 2010 health reform law and 2017 tax reform
Based on all of the government funding and economical impact of the
pandemic what is the appetite for tax increases?
79. Planning Considerations
Planning considerations when a tax increase is possible:
Gain permanent tax savings
Accelerate income/Defer deductions
Examples - Installment sales and accelerated depreciation –
options of electing to accelerate income or defer deduction
Bonus Depreciation under current law
100 % bonus depreciation available for assets acquired between
September 27, 2017 and December 31, 2022
Scheduled decrease under current law:
2023 – the rate drops to 80%
2024 – the rate drops to 60%
2025 – the rate drops to 40%
2026 – the rate drops to 20%