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In This Issue
New Guidance: How to use the liquidation basis of accounting
Fraud Prevention
Risk of Social Media in Financial Institutions
Quick Links
New Standards for Audit Engagements
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Greetings!
In the  Fall edition of the Wall, Einhorn & Chernitzer, P.C. (WEC)  A & A Advisor, you'll find information on how to use the liquidation basis of accounting, fraud prevention and the risks of social media.
  
New Guidance:
How to use the liquidation basis accounting
Do you know when and how to apply the liquidation basis of accounting?

Amendments issued by the Financial Accounting Standards Board in April 2013 serve to clarify the answer to that question. The FASB's Accounting Standards Update (ASU) 2013-07, Liquidation Basis of Accounting, amended the guidance in the FASB Accounting Standards Codification (FASB ASC) Topic 205, Presentation of Financial Statements.

The guidance applies to all reporting entities, whether they are public or private companies or not-for-profit entities. The guidance also provides principles for the recognition of assets and liabilities and disclosures, as well as related financial statement presentation requirements.

  
Contact WEC today to speak with one of our A & A experts and learn more about using the liquidation basis accounting.
Fraud Prevention Checklist
Are you doing everything you can to prevent fraud?
You may not think your business is a victim of fraud, but it could be - now or in the future. The typical organization loses 5 percent of its revenue to fraud each year.
 
The Association of Fraud Examiners developed a checklist to help organizations learn what fraud prevention measures they should institute at their businesses, as well as to test the effectiveness of measures already in place
 
 To find out what to check for, click here.
Risk of Social Media in Financial Institutions Being Addressed
Consumer protection and compliance changes are coming for financial organizations that use social media as part of their marketing or customer relations strategies, according to the Federal Financial Institutions Examination Council (FFIEC).
 
New guidance will impact banks, savings associations and credit unions, as well as non-bank entities supervised by the Consumer Financial Protection Bureau and state regulators.
 
The FFIEC says the guidance is intended to "help financial institutions understand potential consumer compliance, legal, reputation and operational risks associated with the use of social media, along with expectations for managing those risks."
 
To find out more on new guidance for social media, click here.
A & A Service Leaders
A & A Leaders
   Joanna G. Brumsey, CPA       Julie L. Sokolowski, CPA        Susan R. Einhorn, CPA         Angela R. Kerns, CPA
              Shareholder                              Shareholder                           Shareholder                            Shareholder
Click Service Leader's name to view professional profile and contact directly.
About Wall, Einhorn & Chernitzer, P.C.

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.