Understanding the Difference Between GAAP and GASB
GAAP and GASB are often discussed as though they represent two separate approaches to accounting. In reality, they are closely connected. Generally Accepted Accounting Principles (GAAP) provide the framework for financial reporting, while the Governmental Accounting Standards Board (GASB) establishes accounting standards specifically for state and local governm
Reputation Risk Is Changing, but Governance Still Matters
For financial institutions, reputation has long been closely tied to customer confidence, operational stability, and long-term success. However, recent regulatory developments are changing how federal banking agencies evaluate reputation risk during examinations. While regulators are moving away from treating reputation risk as a separate supervisory conc
Reconstructing the Financial Picture: What to Gather Early
Financial disputes rarely begin with a complete and orderly record. More often, questions arise around missing payments, unexplained transfers, inconsistent reporting, or concerns that the numbers do not reflect the full story. When that happens, the ability to trace activity and reconstruct financial records can make a meaningful difference in how efficiently
Common GASB Reporting Mistakes and How to Avoid Them
For state and local governments, accurate financial reporting plays an important role in maintaining transparency, accountability, and public trust. Yet even experienced finance teams can encounter challenges when navigating Governmental Accounting Standards Board (GASB) requirements. Between evolving standards, complex transactions, and year-end deadlines, rep
Asking for the Right Financial Records in Discovery
Discovery can shape the direction of a financial dispute. When the right records are requested early, attorneys and their clients are better positioned to understand the financial activity, identify gaps, and focus the matter on the issues that need attention. When requests are too broad or too narrow, the process can become slower, more expensive, […]
Trump Accounts: What Families and Employers Need to Know
A new savings option for children is drawing attention from families and employers alike. Created by federal tax legislation enacted in 2025, Trump Accounts began accepting contributions in July 2026. Along with providing a way to build long-term savings, these accounts give employers a new way to contribute to the financial futures of employees’ children.&nb
Not All Revenue Is Good Revenue
Revenue growth gets attention for good reason. Higher sales can signal stronger demand, new customer relationships, and a larger market presence. But a growing top line does not tell you whether the business is actually becoming more profitable. For many businesses, certain customers, products, locations, or service lines may generate strong sales while c
Price Transparency Risk: What Recent FTC Activity Means for Dealers
Vehicle pricing has always required coordination between sales, finance, accounting, and compliance. Recent Federal Trade Commission activity is a reminder that advertised prices are not only a sales issue. They are also a risk management issue. In March 2026, the FTC announced that it had sent warning letters to 97 auto dealership groups regarding decept
Year-End WIP Cleanup: What Contractors Should Review Before Financial Statements Are Final
For contractors, work-in-progress reporting is more than an accounting exercise. It is one of the clearest pictures of project health, profitability, and financial position. As year-end approaches, taking time to clean up WIP schedules can help contractors prepare for tax planning, bonding conversations, lender reporting, and annual financial statements.
ESOPs as Another Path for Business Owners
When business owners begin thinking about transition, the conversation often starts with two familiar options: passing the company to family or selling to an outside buyer. For some owners, those paths may fit well. For others, the right answer is less clear. An employee stock ownership plan, or ESOP, may offer another path. In general, […]