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CECL Standard To Impact Healthcare Entities
Transactions falling into the scope of CECL include amounts due from Medicaid and Medicare, as well as loan receivables, held-to-maturity debt securities, and loan commitments. AAFCPAs would like to make clients aware that the Financial Accounting Standards Board (FASB) has pronounced a shift in credit loss accounting within ASC 326, which is commonly referred to […]
AAFCPAs Celebrates 2024 National Charter Schools Week
AAFCPAs invites you to join us in celebrating National Charter Schools Week May 12-18, 2024 as we pay tribute to charter schools and the inspirational work they do to prepare students for success. National Charter Schools Week recognizes public charter schools along with their commitment to academic achievement. This year’s National Charter Schools Week focuses […]
Microsoft Discontinues Dynamics Great Plains Support
AAFCPAs would like to make clients aware that Microsoft is discontinuing support for its Dynamics Great Plains software. Sunset of its mainstream support began in 2020, with extended support slated to phase out by 2028. While the system will not vanish completely, users may begin to find that select integrations and/or functions cease to perform […]
AAFCPAs’ 2023 Impact Report
AAFCPAs measures and shares our social contributions and outcomes annually in our Impact Report. This helps us remain accountable, fosters a meaningful organizational culture focused on social impact, and celebrates our achievements. It also serves as a testament to our shared values. This year’s report breaks down our charitable giving including service and volunteerism along […]
OMB Releases Uniform Guidance Revisions
AAFCPAs would like to make clients aware that the Office of Management and Budget (OMB) released updates to its Uniform Guidance in April 2024. Updates affect non-federal entities that receive Federal awards. The OMB is responsible for the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), which oversees government-wide policies […]
Best Practices for Foreign Companies Establishing a U.S. Presence and Hiring U.S. Employees
Foreign companies entering the U.S. have a lot to consider from a tax, accounting, and legal perspective prior to commencing operations in the U.S. Because establishing a legal entity can take time to complete, with multiple steps and potential bottlenecks to accommodate, AAFCPAs advises that clients understand the timeline and plan accordingly. The first step […]
The Role of SOC Reports for Subservice Organizations
If a subservice organization (e.g., payroll processors, software firms, IT support, or medical billing functions) processes sensitive data, handles financial transactions, or provides critical services to clients, it may require a System and Organization Controls (SOC) report to demonstrate its commitment to internal controls and compliance. Subservice organizations are third-party entities such as process outsourcers […]
Promotions Announced at AAFCPAs
Boston, MA (April 8, 2024)—AAFCPAs, a preeminent 325+ employee CPA and consulting firm specializing in tax, assurance, accounting, wealth management, business process and IT advisory solutions, is pleased to announce recent promotions to director, manager, and experienced professional. New Directors and Managers Amy Staunton, CPA. Now Director & Consulting CFO in AAFCPAs’ Outsourced Accounting & […]
AUP vs. QofE Reports in Business Acquisitions
Could Agreed-Upon Procedures (AUPs) serve the purpose of a Quality of Earnings (QofE) report for certain business acquisitions? Buyers engaging in or evaluating potential transactions, mergers, or acquisitions (M&A) need to assess the true value of a business’s assets, liabilities, and intellectual property. Proper due diligence can be used to pinpoint synergies among entities, offer […]