At Rubino & McGeehin, we are happy to share our business, accounting, and tax knowledge and insight with you. Below are resources in which we analyze and explain current issues, identify solutions, and define best practices to help you become and remain productive and profitable.
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Rubino &McGeehin Announces Two Shareholder Appointments
Rubino & McGeehin is pleased to announce that two Rubino & McGeehin Senior Managers, Carolyn Quill and Patrick Curtis, will be promoted to the position of Shareholder on February 1, 2012. Both Carolyn and Patrick are long time Rubino & McGeehin employees each having been with the firm 12 years. Carolyn has over 20 years of experience and provides tax services to individuals, as well as, many types of businesses and their owners. Patrick specializes in the area of government procurement and provides auditing and consulting services to government contractors and those non-profit organizations with government grants.
Cultivating an Effective Working Relationship with Your Treasurer
We often squander valuable resources. A Treasurer is a precious resource and we need to make sure we maximize the potential of that resource. Universally, nonprofit organizations indirectly undermine the benefits that can come from an interactive treasurer relationship. Why does this happen? Simply, nonprofit organizations just have too many barriers in place. Some of these barriers come from poorly designed governance policies and practices. But many of these barriers come from human nature itself. We need to work smarter when it comes to effectively integrating our treasurers into the fabric of our financial management systems. The results will be beneficial and fulfilling.
2012 Speaking Engagement Schedule
Please join us at one of our speaking engagements during 2012.
COSO to Update Internal Control Framework
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has proposed an update to the current 20 year old framework on internal control. Currently, there are five components of the framework – control environment, risk assessment, control activities, information and communication, and monitoring. The five components will not be changing; however, there are 17 principles which have been proposed to update these components.
Fair Value Measurements May Become More Fair for Nonpublic Companies
The Board meeting of the Financial Accounting Standards Board (FASB) on November 22, 2011 could lead to less stringent fair value measurement requirements for nonprofits and nonpublic companies in early 2012. Currently, private companies are required to disclose the basis for valuing Level 3 measurements on the fair value hierarchy, which encompass “significant unobservable inputs” as defined by FASB. The discussion deliberated by Board members was whether or not to continue to require the disclosure of these measurements, as they impose significant costs on private entities.
AICPA Raises Concerns about Mandatory Audit Firm Rotation
During August 2011, the Public Companies Accounting Oversight Board (PCAOB) voted to issue a concept release regarding possible mandatory limits on audit firm tenure with public companies. The board is focusing on the advantages and disadvantages of audit terms of 10 years or greater.
FASB Accepts Suggestions for Non-Profit Financial Reporting
With all the recent focus on financial reporting revisions for public and private companies, it may seem that the FASB has neglected to consider nonprofit organizations. However, with the creation of the Not-for-Profit Advisory Committee (NAC) in October 2009, FASB recently announced its addition of two new agenda projects that will seek a much needed face-lift for an outdated reporting model.
Changes to SAS 70
Many companies use third party service providers to manage their employee benefit plans. Many third party service providers have their control objectives and their control activities audited to ensure they are in accordance with Statement on Auditing Standards No. 70 (SAS 70), as developed by the American Institute of Certified Public Accountants (AICPA).