How the 2022 Consolidated Appropriations Act Impacted Accounting in 2023
Category Archives: Accounting News
How the 2022 Consolidated Appropriations Act Impacted Accounting in 2023
According to the Centers for Medicare & Medicaid Services’ report “Advancing Rural Health Equity,” the 2022 Consolidated Appropriations Act (CAA) maintained telehealth options due to the Covid-19 Public Health Emergency (PHE) order for 151 more days beyond the original expiration … Continue reading
Understanding Operating and Capital Leases
The first thing to define is what a lease itself is. It’s an agreement or contract where one party, the lessor, allows another individual or business, the lessee, to use their asset in return for payments or different assets. The … Continue reading
Understanding Mark-to-Market
The term mark-to-market is an important phrase in corporate finance that has many nuances and industry-specific uses. Mark-to-market is a corporate finance term that provides businesses with a way to evaluate a holding’s fair value for both assets and liabilities. … Continue reading
Evaluating Net Operating Loss Considerations
When it comes to determining if a business is eligible to claim a net operating loss (NOL), it depends on the financial situation. If a business’ taxable income is less than its allowable deductions in a set tax period, usually … Continue reading
How to Account for Capital Assets
When it comes to accounting for capital assets, specifically depreciating capital assets, the Governmental Accounting Standards Board (GASB) provides guidance to state and local governments for accounting processes. The GASB is responsible for the generally accepted accounting principles (GAAP) for … Continue reading
Purchase Acquisition Accounting
Purchase acquisition accounting is the commonly accepted method to document the acquisition of another business on the balance sheet of the acquiring company. The business’ assets that are being acquired are documented on the acquiring firm’s books at fair market … Continue reading
Understanding Modified Accrual Accounting
According to the Federal Register, there were about 90,000 local and state government entities throughout the country in 2022. This number is comprised of towns, counties, cities, special districts, and independent school districts. One of the commonalities these organizations share … Continue reading