In taking a moment to reflect on September 11, and how as a nation our lives were changed, we are reminded of the incredible strength, love, compassion and perseverance that the people of our nation are capable of.  As communities across the United States face unbearable challenges and struggle to rebuild in the aftermath of Hurricanes Harvey and Irma as well as the wildfires that are raging out west, we extend our heartfelt prayers of healing and support.  If you are looking for a way that you can help but want to make sure you donate to an organization that you can trust, visit www.charitynavigator.org to review objective ratings of charitable organizations.

In This Issue Office Announcements Revenue Recognitions Standards Investment Basics: Your Guide To The Markets Seminar HR360 Featured Item 5 Tips For Successful Open Enrollment

Office Announcements Collect W9s From Your Vendors Throughout The Year Rather than trying to track down W9s during the rush of early January, we advise that our clients request that vendors provide a W9 before payment is remitted for service. Equifax Cyberattack The consumer credit reporting agency Equifax recently announced that they had experienced a security breach. If you are concerned that your information may have been accessed click here to find out if you were potentially impacted. Honeoye PO Box As part of our on-going efforts to make our work processes more efficient, we will be routing our mail through our Victor office location. As a result, we will not be maintaining our PO Box at the Honeoye Post Office. As always, we welcome visitors to our Honeoye office so if you prefer to drop off documents in person we look forward to seeing you!

Revenue Recognition Standards In May 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09 “Revenue from Contracts with Customers.”  This mandatory reporting standard provides a comprehensive, industry-neutral revenue recognition model intended to increase financial statement comparability across companies and industries and significantly reduce the complexity inherent in today’s revenue recognition guidance. The standard is effective for non-public companies with annual reporting periods beginning after December 31, 2018 (2019 annual statements). Early adoption is permitted as soon as 2017 year-ends. This new revenue recognition standard will significantly impact the practices of many companies, with those that currently follow industry-specific guidance being the most impacted, but all organizations will feel some effect of adopting this mandatory standard. Depending on an organization’s existing business model and revenue recognition practices, the new standard could have a significant impact on the amount and timing of revenue recognition, which in turn could impact key performance measures and debt covenant ratios, and ultimately could impact contract negotiations, business activities and budgets. All entities will likely have to consider changes to information technology systems, processes, and controls.  Visit our Expert's Corner, by clicking here, for a more detailed description of this new revenue recognition standard. If you are interested in reviewing your existing processes and controls or would like to discuss how adoption of this standard may impact your organization, contact our Director of Audit and Accounting Services Jason Mayausky, CPA at (585) 410-6733 ext. 144 or via email at [email protected] .

Investment Basics: Your Guide To The Markets

Bring your questions, we have answers! Whether you are new to investing, or are looking for a clearer understanding of your current situation, we invite you to our upcoming seminar Investment Basics: Your Guide To The Markets on Thursday, October 19, 2017. Click here to RSVP or call Andrea at (585) 410-6733 ext. 103 by October 12.

HR360 Featured Video 5 Tips For Successful Open Enrollment HR360 is an interactive online human resource library that gives you access to attorney reviewed HR tools, guidelines, forms, training videos and so much more.  If you would like information about how you can subscribe to HR360 please contact Teresa Solano at (585) 410-6733 ext. 123 or via email [email protected].

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