Month: March 2012

Archive for March 2012

FASB Project on Accounting for Leases

The rules on lease accounting have remained substantially unchanged since the 1970’s.  For the most part, lease payments are expensed as paid over the course of the lease.  Leases where the threshold for ownership transfer is met as defined by a narrow series of accounting parameters (capital leases) are accounted for as though the ownership…

Read More

E-Mail Schemes Using the IRS Name

In a world where technology has brought so many advances, it is unfortunate that it has also brought many financial risks.  All of us are aware that identity theft exists.  This theft can occur when someone uses your personal information to empty your bank accounts, apply for new credit cards or loans, or charge up…

Read More

Two Cover & Rossiter Partners Recognized for Professional Achievements

Peter S. Kennedy, CPA, Director of Cover & Rossiter’s Audit Practice, was recently selected to sit on a national advisory committee for the Financial Accounting Standards Board (FASB). Mr. Kennedy was selected to be one of 15-20 individuals nationally to serve as a member of the FASB’s new Not-for-Profit Financial Statements Resource Group.  This group…

Read More