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Ben Phillips Joins KSM as Director in SOC Services Group

Posted 8:30 PM by
Katz, Sapper & Miller is pleased to announce Ben Phillips has joined the firm as the newest director in its SOC Services Group.
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Proposed Accounting Standards Update - In-Kind Contribution Reporting

Posted 1:45 PM by
The Financial Accounting Standards Board (FASB) has issued the Proposed Accounting Standards Update Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets (Exposure Draft), which would impact the presentation and disclosure of contributed nonfinancial assets, also known as gifts-in-kind (in-kind donations), if the proposed changes are finalized.
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Indiana Attorney General Launches Unclaimed Property Self-Audit Program

Posted 8:00 PM by
Like all states, Indiana requires companies holding unclaimed property to report that property on an annual basis. Unclaimed property includes outstanding liabilities on a company’s books and records, such as uncashed payroll checks and customer credits.
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LIBOR’s Demise Means Changes Are Coming

Posted 1:00 PM by
The London Interbank Offered Rate (LIBOR) is a staple of the financial industry. LIBOR is a calculated average rate that participating banks estimate they would be charged by other banks. As brought to light in a significant rate-rigging scandal from a few years ago, British regulators who oversee the rate calculation have determined that there are not enough actual transactions to support the estimates made by the banks, and so the estimates will no longer be required after 2021. This spells the end of LIBOR.
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Standards Update: 12/17/19

Posted 7:40 PM by
The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP). Below are select ASUs that were recently issued.
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Accounting Update for Not-for-Profit Entities: Leases

Posted 3:00 PM by
In February 2016, the Financial Accounting Standards Board (FASB) issued one of the most sweeping changes to generally accepted accounting principles in the United States (GAAP) – Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). The new lease accounting standards and subsequent amendments require lessees to report all leases with a term greater than 12 months, including operating leases, on the statement of financial position.
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FASB Formally Delays Effective Dates for Major Accounting Standards

Posted 2:48 PM by
The Financial Accounting Standards Board (FASB) has officially deferred the effective dates of new Accounting Standards Updates (ASUs) related to credit losses, leases, hedging, and long-duration insurance contracts with the issuance of ASU No. 2019-09, Financial Services—Insurance (Topic 944): Effective Date and ASU No. 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates.
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Construction Industry Seminar: Fraud and Embezzlement

Posted 4:00 PM by
Katz, Sapper & Miller’s Andrew Goodman will speak at the AssuredPartners Construction Industry Seminar. Taking place Nov. 19 in Indianapolis, the seminar brings construction professionals together to discuss trending topics in the industry including the legal, financial, and operational risks that construction firms face.
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FASB Votes to Delay Effective Date for Major Accounting Standards

Posted 6:30 PM by
Yesterday, the Financial Accounting Standards Board (FASB) voted to approve proposals to amend the effective dates for several major Accounting Standards Updates (ASUs). The FASB voted to issue final ASUs to amend the effective dates of the following ASUs:
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KSM to Present 2019 Year-End Not-for-Profit Update

Posted 3:45 PM by
Katz, Sapper & Miller’s Not-for-Profit Services Group will host its annual Year-End Not-for-Profit Update on Nov. 6 in Indianapolis and on Nov. 12 in Fort Wayne, IN.
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