Directors and Officers (D&O) coverage plays a vital role in a company’s risk mitigation strategy, but for some, the insurance coverage may go under the radar. Executive leaders and board members should understand the basics of D&O coverage so they can carry out their fiduciary duties, as well as protect personal and company assets. The following provides a primer for what a company’s C-suite and board should know.
Director & Officer Insurance,
The AICPA’s Auditing Standards Board (ASB) recently released SAS No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements, which updates the form and content of a financial statement auditor’s report. Although fairly simple, the changes may make it easier for financial statement users to understand the results of the audit, as well as the auditor’s and management’s responsibilities.
Financial Accounting Standards Board,
Private companies, not-for-profit organizations, and smaller reporting companies received welcome news recently when it comes to adopting complex accounting standards. The Financial Accounting Standards Board (FASB) issued two proposals that would delay the effective date for major accounting changes: one that affects lease accounting, current expected credit loss (CECL), and hedge accounting and a second that affects long-term insurance contracts.
lease accounting changes,
The 2017 tax reform law ushered in new tax cuts, but it also did away with some common write-offs for business expenses. As companies and their tax advisors unpacked what is commonly known as the Tax Cuts and Jobs Act (TCJA), the elimination of two benefits in particular stuck out: deductibility of parking expenses and certain employer-provided food costs. Because these expenses are no longer deductible, they do not help to lower your year-end tax bill. The IRS is cognizant of taxpayer pleas for change and may be remodeling its approach so that taxpayers can find at least partial relief.
Tax Cuts and Jobs Act,
One of the favored talking points of President Trump is the trade deficit between the U.S. and China. And one of his favored solutions to remediate this imbalance is tariffs. Opponents argue tariffs hurt consumers by driving up the cost of imports and generating tension with trading partners. Proponents counter they can be necessary to pressure countries to play fair on trade. What is certain is their effects are complicated and undoubtedly impact you and your business in one way or another.
Results from CBIZ & MHM New England’s annual architectural survey are in, and all indications suggest area firms did well in 2018. Really, really well. Profits per direct hour reached a record high, and direct labor utilization rates soared to among the highest in the nearly 35-year history of our survey.
2019 Arch Survey