• New to Compliance? No problem!

    The many changes in the healthcare industry over the last several years have caused new compliance programs to be created and existing programs to be changed to meet new regulatory requirements. Healthcare providers should look at three fundamental pillars – organization, communication, and teamwork – when developing their compliance programs.
  • Construction contracts for exempt organizations

    Contractors purchasing materials for use in a Minnesota construction project with an exempt entity must have detailed supporting documentation to ensure these purchases are exempt from state sales and use taxes. Without such documentation, the contractor or subcontractor that supplied the materials may be subject to back taxes, penalties, and interest due to the state.
  • Going Concern: FASB issues new standard on reporting adverse conditions and events

    FASB has released a new accounting standard that provides much-needed guidance on management’s responsibility in evaluating and disclosing adverse conditions or events that raise substantial doubt about a company’s ability to continue as a “going concern.” The guidance, published in ASU 2014-15, Presentation of Financial Statements — Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, applies to all companies that prepare their financial statements in accordance with US Generally Accepted Accounting Principles (GAAP). This article details the new guidance.