SEC Rule 3-14 for REITs

By | December 11, 2022
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Public real estate investment trusts (REITs) with significant acquisition and disposition activity are generally subject to either Rule 3-05 or Rule 3-14 of Regulation S-X depending on the circumstances of each property transaction. Both rules were amended on May 20, 2020, with an adoption date effective beginning January 1, 2021...
Category: SEC

An Overview of Current Expected Credit Losses

By | February 28, 2022
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In June 2016, the FASB released ASU 2016-13, Financial Instruments – Credit Losses (Topic 326). While 2016 seems like it was eons ago, the standard only just became effective for public companies in 2020. For private companies, the standard will become effective beginning in 2023. As more and more companies begin to implement the standard, I thought it would be prudent to give an overview of the standard and what to look out for.

Automate The Boring Stuff – Accounting Edition

By | December 6, 2021
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For this example, I am using an audit of a financial services client that operates 50 funds. I am going to automate the 2021 partners’ capital schedule for 1 fund. However, automation can apply to any type of client following my methodology below. If you are interested in learning more after reading this, message me on LinkedIn.

GameStop: A Timeline of Events

By | January 30, 2021
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Hedge funds have lost an estimated $20 billion shorting GameStop in January. GameStop is at the center of a battle between the little guy and the big guy. The retail investor versus the institutional investor. David versus Goliath. As the drama continues to play out, I thought it would be prudent to include a timeline of all major events thus far...

Why Accountants Should Care About XBRL

By | January 10, 2021
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In today’s digital age, it is more important than ever that accountants understand the techniques used to transmit financial information across the world. One such technique is called eXtensible Business Reporting Language (XBRL). Since its inception in 2003, XBRL has grown rapidly with the rise of electronic financial information. In 2018, the SEC adopted a phased timeline to transition companies to comply with Inline XBRL (IXBRL)...