As we have mentioned for the last two years in this blog, it is time to implement the new lease standards. Our Accounting and Audit heads Lynn Osborn and Dan Johnson take a deep dive into the new lease accounting standards for financial statements. For the standard nerds, that’s ASC 842. Topics include capital leases, which [...]
UPDATED March 22, 2022: Reminder that this must be implemented this financial reporting year i.e. it is effective for non-public companies (including not-for-profits) with fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. The Financial Accounting Standards (FASB) announced in January 2016 that new Accounting [...]
Dear JMF Clients and Friends: As we mentioned in our communication on March 14th, we are in unprecedented times. We wanted to share another update of what JMF is continuing to do to serve our clients while maintaining a safe work environment. This remains a fluid situation and we will continue to communicate with you. [...]
Photo Credit: Forbes Magazine Recently, Forbes Magazine partnered with the independent market research company Statista to create a list of the most recommended firms for tax and accounting services in the United States for 2020. JamisonMoneyFarmer PC is proud to be listed as one of the 227 firms throughout the country on either list, [...]
Lease Accounting The FASB has approved a one year deferral for implementation for nonpublic companies. This deferral effectively pushes the new requirement to record assets and liabilities for certain operating leases until 2021 for calendar year financial statements. Revenue Recognition As a reminder, the changes to revenue recognition are still effective this year for nonpublic [...]
The new revenue standard was issued in 2014, and the 2019 application date once seemed a long way off. Now, as 2018 comes to a midpoint, the reality of applying the new standard is at the forefront of all of our thinking. The FASB’s Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic [...]
Early last year we discussed the ABLE Accounts as a potential option for Alabama families. By December, the state of Alabama instituted the program, per State Treasurer Young Boozer, with a contract with the state of Nebraska. The Alabama plan will be known as Enable Savings Plan Alabama, and more information can be found at www.enableAL.com. [...]
It is now 2017. Do you know where your business budget is? This is the traditional time to draw up a budget for the coming year. Perhaps the way you previously developed the budget for your business has not been overly successful. Or maybe you have found as the year goes along that certain key [...]
By: Kasey Powell, CPA, CPE Kasey is a senior accountant, certified fraud examiner, and a member of the JMF Timber Practice Group. Kasey Powell Vcard Kasey Powell LinkedIn Profile This year represents the 20th anniversary of the inaugural Association of Certified Fraud Examiner's (ACFE) Report to the Nation on Occupational Fraud and Abuse: 2016 Global Fraud Study. [...]
ATLANTA, Georgia – One of Alabama's largest and respected accounting, tax and advisory firms, JamisonMoneyFarmer PC, met with six other US-based CPA firms from California, Georgia, Illinois, Massachusetts, Michigan, Oregon, and Wisconsin, and five firms from Germany for the US German Accounting and Tax Summit. Perry Barnett of Rushton and Company, LLC of Gainesville, Georgia [...]