Nova 401(k) Associates’ Post

Join us TODAY at 1pm CST for a complimentary webinar on cash balance plans for advisors. This session is eligible for ASPPA, ERPA, CFP, and CE credits. Don't miss out! #nova401k #cashbalanceplans #financialadvisors #401k #DBDC Link to webinar: [Webinar Link Here]

A "good" CPA will not help you lie and cheat. Preparing false tax returns or fraudulent financial statements have consequences for the client and for the CPA. This has been a public service announcement. #LVPCPA #ElProfe #PSA #TaxNerd #TaxTwitter #UltraProfe #TaxPros #CPAprofessor #CPA #AICPA #AICPAtax #ICPAS

Check out the new #Segments guidance the #FASB approved. As of 2024 year end, all companies will be required to provide incremental disclosures related to their reportable segments. The new disclosures will apply to all public entities, including those with a single operating or reportable segment! But it doesn't stop here- in certain cases the guidance allows to disclose multiple measures of segment profit or loss. An opportunity for #nonGAAP measures within the #financials? Time to plan ahead for 2024.. https://lnkd.in/dQjWkWKt

Thanks IASA for the opportunity to share what we learn from the upcoming NAIC Spring National Meeting in Phoenix! You don't want to miss out on this as Sharlea, Tracey and I will cover: * BWG has a bunch of exposures, * SAPWG is going to adopt the rest of Principles-Based Bond Definition "PBBD" (2019-21) * VOSTF is going to talk about the definition of NAIC Designation, notch down, and a few changes related to PBBD.

CECL is an accounting standard that helps companies take a more proactive approach to credit losses. It’s a fresh take on #GAAP, an incurred loss model that delays recognition of credit loss until it’s probable that a loss has been incurred. CECL shakes things up by removing the threshold of “probable” and requiring the recognition of credit losses when they are “expected.” Ready for the future of credit loss recognition? Here's a quick rundown of key differences between the traditional approach and the CECL model. Read more in our recent blog post: https://bit.ly/3SGYvqU #CECL #accountingstandard #FASBupdate #accountingtips #accountingservices

Financial instruments are essential in the financial world. Understanding the classification and presentation of financial instruments is crucial, with IAS 32 playing a pivotal role in distinguishing between liability and equity. Case study that related to previous post #Finance #IAS32 #FinancialInstruments

A new fiduciary rule: What CPA financial planners need to know https://buff.ly/3RVy54m #CPAs #DOL #financialplanners

Welcome to Day 1 of our 2023 FPI Professional's Convention. Today promises to be informative and definitely insightful. We look forward to learning with you today. #FinancialPlanningInstitueSA #FinancialPlanning #CFP #FSA #RFP #PersonalFinance #FinancialPlanningforall #FinancialAdvise #FPI #ApprovedProfessionalPractise #Finance #Convention #FPIConvention

With the Rule 702 amendment that took effect in December, the Advisory Committee clarified that: A witness who is qualified as an expert may testify "if the proponent demonstrates to the court that it is more likely than not that" among other things, the testimony is the product of reliable principles and methods, and "the expert's opinion reflects a reliable application of the principles and methods to the facts of the case." I'm sure I'm not alone in my eagerness to see how this will impact the litigation process. Many have expressed expectations that it will result in more preliminary hearings and motions to exclude. But with the onus on the proponent to demonstrate reliable application of reliable methods, will attorneys now be expected to learn the crafts of the experts? That is a big ask. - Qualification as a valuation or damages expert requires years of education and experience. - Some issues are nuanced, and even experts in the field disagree on the best ways to address them (such as ex-ante vs. ex-post, which I'll be discussing in an upcoming post). - The calculations and models are often interconnected and voluminous, so that unless they are independently recreated, one can easily overlook data mismatches or computational errors. - Testing the reasonableness of assumptions requires either familiarity with the reasonable range, or reference to some form of source data, which may be available only by subscription. As an example, I reviewed an expert report on lost profits where the expert relied on projected net cash flow, which they claimed to be debt-free net cash flow. So, when discounting the damages to present value, they applied a Weighted Average Cost of Capital (applicable to cash flows available to debt and equity holders). My analysis proved, however, that the net cash flow being used could not be debt-free, since the facts of the case necessitated that the company would have been servicing a mortgage rather than paying rent. As a result, the cost of equity (which is generally much higher than the cost of debt) was the appropriate discount rate. Even to a trained eye, this mismatch (an unreliable application of an otherwise reliable methodology to the facts of the case) was not obvious. I am always happy to provide CLE to raise awareness on the factors addressed within FRE 702, but I think now more than ever, retaining counsel may want to consider obtaining an independent review of their expert reports by another qualified expert before submission. You only get one chance to make a good first impression.

Heard about the current FCA Listing Rules consultation but want an easy to digest summary of the proposals written by experts? Click the link below for just that! The FCA intends to publish the final set of the new Listing Rules at the start of the second half of 2024. There is likely to be only a two-week period between publication of the final rules and implementation, meaning that the new rules are likely to be in force from summer 2024. #osborneclarke #listingrules #fca