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Richard C. Fedorovich to Receive H. Peter Burg Award

Richard C. Fedorovich has been selected as the 2023 recipient of the H. Peter Burg Economic Development Leadership Award, presented by the Greater Akron Chamber.

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CECL 2023-2: Types of Financial Assets within the Scope

What Type of Financial Assets are Within the Scope of CECL? The scope of CECL is broad and includes the following: ITEM NATURE Loan Receivables/Notes Receivable Financial Assets measured at amortized cost Held-to-maturity debt securities Financial Assets measured at. Read More >>

CECL 2023-1: What is Current and Expected Credit Loss and What Has Changed?

CECL Background CECL refers to the credit impairment model provided in Accounting Standards Update (“ASU”) 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as subsequently amended. The ASU requires credit losses on. Read More >>

CECL 2023-3: General Questions About the CECL Standard

No, CECL is not applicable to equity securities. ASC 321, Investments – Equity Securities provides the applicable guidance for equity securities, including impairment considerations for securities without readily determinable fair values for which the measurement alternative has been elected.. Read More >>

ASC 842 – Adopting the New Lease Standard

September 12, 2022 Accounting & Finance

What is the New Lease Standard? The objective of the new lease standard is to include all lease commitments in financial statements, as opposed to the previous practice of excluding operating leases. This change ensures that the financial statements. Read More >>

5 Billing and Collection Processes to Keep Financially Sound

The global pandemic and the impacts it had on the economy at large presented significant challenges for nearly all businesses over last two years. Businesses are looking for new and creative ways to steady revenue streams and improve their. Read More >>

Don’t Be a Victim: Stay Vigilant for Evolving Fraud Schemes

March 14, 2022 Accounting & FinanceFraud BMF

Fraudsters have become increasingly creative in finding ways to exploit vulnerabilities and unlawfully access personal and/or business information and assets. These cons have evolved over the years with dramatic spikes during times of economic and political global duress. Fraudsters. Read More >>

SBA Speeds Up PPP Loan Forgiveness Process

The U.S. Small Business Administration (SBA) has published new guidance to simplify and speed up the forgiveness process for Paycheck Protection Program (PPP) loans of $150,000 or less. In their 29-page interim final rule (IFR), the SBA is introducing. Read More >>

SBA Eliminates PPP Loan Necessity Questionnaire

We reported last month that the Small Business Administration (SBA) was planning to withdraw its controversial Loan Necessity Questionnaire for Paycheck Protection Program loans of $2 million or more. In a notice sent July 9, the SBA officially stated. Read More >>

SBA To Withdraw Paycheck Protection Program Loan Necessity Questionnaire

The American Institute of Certified Public Accountants (AICPA) yesterday reported that the Small Business Administration (SBA) plans to withdraw its highly controversial loan necessity questionnaire. Last fall the SBA published Form 3509 – Loan Necessity Questionnaire in an attempt. Read More >>

Restaurant Revitalization Fund: SBA to Open Registration April 30

Yesterday, the SBA announced that applications will be opened beginning Friday, April 30, 2021. Registration for the program will open at 9 a.m. EST on April 30, with the doors opening for application submissions starting at noon EST on. Read More >>