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Greetings!
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Also, If you haven't read our recent announcement regarding new standards for audit engagements, you can find that here.
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Limited Liability Entities
Some special considerations |
Reporting entities frequently are formed as limited liability entities, particularly limited liability companies and limited liability partnerships.
The accounting literature that particularly relates to these types of entities, herein referred to collectively as "LLCs", is found in the FASB Accounting Standards Codification (FASB ASC) Topic 272, Limited Liability Entities.
LLCs are formed in accordance with laws of various jurisdictions under which the entities are organized. Given that laws in this arena are not uniform, characteristics of LLCs may likely vary from jurisdiction to jurisdiction.
Contact WEC today to speak with one of our A & A experts and learn more about limited liability entities. |
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Have you analyzed your company's cash flow lately?
Why it's important. | |
We've all heard the age-old expression: "Cash is king." No other place is this more true than in business.
Cash is the key component that makes any business function because it's needed to pay banks, vendors, suppliers and employees. Having sufficient cash on hand may also keep a company out of debt by removing a motive for taking out loans and by preventing unnecessary expenses such as late payment charges.
In addition, when trying to determine how much a company is worth, one fundamental rule many investors use is to invest in stock that earns a lot of cash year in and year out. After all, a company is only worth what it can deliver in the form of cash to investors in the long run.
To find out more on analyzing your company's cash flow, click here. |
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Update addresses impairment of certain intangible assets | |
The Financial Accounting Standards Board issued guidance in July 2012 that applies to all reporting entities - public, private and not-for-profit - for testing impairment of indefinite-lived intangible assets.
Some examples of intangible assets that will be subject to the new "optional" qualitative impairment testing guidance include indefinite-lived trademarks, licenses and distribution rights.
To find out more, click here. |
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Shareholder Shareholder Shareholder Shareholder
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Click Service Leader's name to view professional profile and contact directly.
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About Wall, Einhorn & Chernitzer, P.C.
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Wall, Einhorn & Chernitzer, P.C. (WEC) offers a local touch with regional scope and national resources. Serving clients since 1989, we are today the largest public accounting firm headquartered in Norfolk, Virginia and the second largest in the Hampton Roads region. Our team is comprised of professionals who are committed to a common vision as a high performance firm and a common goal to provide our clients with exceptional service.
WEC is an independently owned and operated member firm of CPAmerica International, one of the largest associations of CPA firms in the United States. Through our affiliation, we have instant access to the expertise and resources of more than 2,500 professionals across America. WEC clients benefit from the resources, experience and professional knowledge base of a national firm while still receiving the personalized service and attention that only a locally-owned, independent accounting firm can offer.
In addition to our Assurance and Tax services, WEC provides a range of Business Advisory services and solutions strategically customized to fit our clients' unique and individual needs. These services include Estate Planning, Entrepreneurial Services, Restructuring and Turnaround, Wealth Management, Business Valuation, Litigation and Dispute Consulting, Virtual Office Services, and Exit Planning.
The expertise of our CPAs and Advisors spans a range of business sectors. Our specialized industry niches include: Real Estate, Retail, Franchise, Construction, Government Contracting, Manufacturing & Wholesale Distribution, Technology and Not-for-Profit.
We are honored that WEC has been named as one of the "Best Places to Work in Virginia" in 2012 and 2013 by Virginia Business magazine, one of the "Top 25 Best Places to Work in Hampton Roads" by Inside Business, named to their "Hall of Fame" in 2010, and listed among the "Best Firms to Work For" by Accounting Today.
For more information, please visit us at www.wec-cpa.com.
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