Business Advisory | Albin, Randall and Bennett

FASB Proposes Extended Effective Dates for Private Companies and Nonprofits

Yesterday the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update that changes the effective date for certain new accounting standards. Private companies and nonprofits will benefit from the additional time to evaluate and implement the new lease, expected credit loss (CECL), and hedge accounting standards. The following are the proposed new effective dates: Leases- years beginning after December


How much will your business lose to fraud this year?

If you don’t have good internal controls, your business could lose a lot. According to the Association of Certified Fraud Examiners (ACFE) 2018 Report to Nations, internal control weaknesses were responsible for 42% of fraud in small businesses (fewer than 100 employees), and these businesses suffered a median loss of $200,000 per fraud scheme —


Maine and Connecticut Adopt Paid Family and Medical Leave

Last month we told you about the approaching effective date for the new Paid Family and Medical Leave law in Massachusetts. Since then, both Connecticut and Maine have signed interesting paid leave bills of their own and are gaining notice nationwide. On June 25th, Connecticut Governor Ned Lamont signed the Connecticut Paid Family and Medical