Scrubbed Newsletter: Summer Financial Reflections and Preparing for a Fruitful Fall
Hi there,
As the warmth of summer gradually gives way to the crisp embrace of autumn, we find ourselves at the threshold of change once again. Just as the seasons transition, so do our financial journeys. At Scrubbed, we believe that each season brings its own unique opportunities for growth.
We've curated insights, strategies, and stories that resonate with this transitional period. From providing insights about the updates on the Financial Accounting Standards Board (FASB) to highlighting our commercial real estate accounting services, getting acquainted with our new director, MJ David, and reading a client testimonial from MCG Capital Advisory.
Here's to a summer of reflection and a fall of fruitful financial endeavors!
Sector Spotlight
The accounting and finance landscape for real estate companies can be challenging. Handling complex lease accounting standards, multiple valuation methods, depreciation and capitalization costs, and tax compliance all need careful attention to detail. 🏘️💰
Featured Insights
Stay Ahead of the Curve
The Financial Accounting Standards Board (FASB) recently issued Accounting Standards Update (ASU) 2023-02 —Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. The Update provides consistency and comparability for all tax equity investments made to receive income tax credits and other income tax benefits by granting entities the option to use the proportional amortization method.
Michael John David after seven years with Scrubbed is now the Director of Real Estate and Clean Technology Industries. He has served in key roles at Scrubbed for seven years. His impressive credentials include Summa Cum Laude distinction, where he ranked as a top scorer in the 2015 CPA board exam, Certified Forensic Accountant (CrFA) license, and degrees in both Business Management and Mini-MBA from the International Business Management Institute in Berlin, Germany.
"I love the positive company culture that we have in Scrubbed. It's inspiring to work in a company that has a sense of purpose and dedication to making a positive impact not just to its professionals and clients, but also to the community through its social impact initiatives. I also appreciate the transparent communication and the sense of trust that the company fosters among its professionals – not all companies do this."
Recommended by LinkedIn
"One of my favorite things to do outside of work is to go on road trips. Exploring new places and trying new cafés and restaurants, whether they're nearby or across the country, gives me a sense of adventure and freedom that I find incredibly fulfilling. I love the thrill of the open road and the memories I create during these trips."
Community Spotlight
Stay Ahead of the Curve
Scrubbed SIE Chapter 3's Impact at Tipo Elementary School's Brigada Eskwela 2023
Chapter 3 of the Social Impact Events (SIE) team set out to make a unique mark on this year's Brigada Eskwela. The spotlight was on Tipo Elementary School, Hermosa, Bataan where the chapter's modest yet impactful support took center stage, particularly for the school's vibrant summer camp attendees and eager 1st graders last August 17, 2023.
In the heartwarming aftermath of this event, Tipo Elementary School stood as a testament to how a small gesture can create a ripple of smiles, hope, and a renewed sense of purpose.
Client Testimonial
The genuine appreciation from Matt, Tom, and Vincent fills us with gratitude. At Scrubbed, our unwavering commitment to exceptional accounting and finance services drives us, fueled by the recognition of our efforts to exceed expectations.
Fun Fact
Did you know? ...
At Scrubbed, we take immense pride in our work and home in the beautiful Philippines. We want to share our love for the country by offering some interesting facts, hoping to bring the Philippines closer to your heart as well.
Did you know? In the Philippines, the Christmas spirit ignites as early as September. Malls echo with holiday tunes, and festive markets emerge citywide. Homes are adorned with decorations well in advance. The "simbang gabi" tradition is a standout feature, involving nine consecutive early morning Masses leading up to Christmas Eve. This practice is seen as a meaningful sacrifice, with attendees believing their wishes may be granted. Advanced Happy Holidays everyone!