Apple Growth Partners

audit and assurance

Got Leases? Get Ready.

If you thought it was time to relax as summer winds down, guess again. It’s time for privately held businesses to get ready for the new accounting guidance for leases.  A lease liability for all future lease payments will be recorded for all leases under the new lease accounting guidance, even operating leases for buildings, cars, equipment – any leased asset. At its highest …

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New Accounting Standard for Leases (ASC Topic 842)

Effective Date for Private Companies and Most Nonprofit Organizations  In February 2016, the FASB issued Accounting Standard Update 2016-02 Leases (Topic 842) after many years of deliberation. The new accounting standard fundamentally changes accounting for leases, with the biggest impact on lessees – entities that lease property, equipment, and other assets. The new standard has been in effect for publicly traded companies since 2019. The FASB delayed the effective date …

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COVID-19 and Common GAAP Financial Reporting Considerations

Tuesday, June 9, 2020 By Mark Batey, CPA   As the U.S. economy begins to reopen from the lockdown caused by the COVID-19 pandemic, management and business owners are currently faced with a lengthy to-do list ranging from issues such as supply chain management to new health and safety measures. The monitoring of the company’s financial …

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Understanding the SECURE Act

By Susan Burnoski, CPA | Principal, Audit & Assurance Congress recently signed into law the Setting Every Community Up for Retirement Enhancement (SECURE) Act, resulting in easier savings for retirement and expanding access to more Americans. Retirement experts are calling the SECURE Act the most comprehensive retirement legislation over the last 10 years. The SECURE …

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Cost of Living Adjustments for Pension Plans and Retirement-Related Items for 2020

By Audit & Assurance On November 6, 2019, the IRS announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for the 2020 tax year. Changes to the limits are based on the Social Security cost-of-living increases. Below are the new 2020 plan limitations: 2020  2019 401(k), 403(b) and 457(b) deferral …

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Apple Growth Partners’ Susan Burnoski Named Forty Under 40

CLEVELAND, Ohio – (October 2, 2019) – Apple Growth Partners (AGP), award-winning accounting and business advisory firm, is proud to announce Susan Burnoski, CPA, has been named one of Crain’s Cleveland Forty Under 40 recipients in 2019. Burnoski is a principal and director of the audit and assurance department. The Crain’s Cleveland Forty Under 40 …

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