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Clean Energy, Curing Parkinson’s, Prison Oversight and Impeaching Supreme Court Justices

4 min read

Clean Energy, Curing Parkinson's, Prison Oversight and Impeaching Supreme Court JusticesAccelerating Deployment of Versatile, Advanced Nuclear for Clean Energy (S 111) – This bill was introduced by Sen. Shelly Moore Capito (R-WV) on March 30, 2023. This bipartisan legislation is designed to strengthen America as a leader in energy security. This bill includes measures to bolster clean nuclear power, establish strong union jobs, and achieve our nationwide net-zero emission goal by 2050. Versions of this bill passed in the Senate and House over the past year, and it was signed into law by the president on July 9.

Fire Grants and Safety Act (S 559) – This act enables communities across the United States to hire more firefighters and first responders, as well as increase safety measures. It was introduced by Sen. Gary Peters (D-MI) on Feb. 28, 2023. The final version of the bill passed in the House and Senate in May and June, respectively; and it was signed into law on July 9.

Dr. Emmanuel Bilirakis and Honorable Jennifer Wexton National Plan to End Parkinson’s Act (HR 2365) – Introduced by Rep. Gus Bilirakis (R-FL) on March 29, 2023, this bill passed in the House on Dec. 14, 2023, the Senate in May and was signed into law by the president on July 2. This bipartisan bill authorizes the Department of Health and Human Services (HHS) to implement a program designed to prevent, diagnose, treat, and cure Parkinson’s disease, as well as improve the care of people who suffer from it.

Debbie Smith Act of 2023 (HR 1105) – Introduced on Feb. 7, 2023, by Rep. Ann Wagner (R-MO), this bill reauthorizes funding for the government’s DNA backlog grant program through fiscal year 2029. The program provides grants to state and local governments to extend the collection and analysis of DNA evidence used in sexual assault kits and other purposes. This largely bipartisan bill passed in the House in November 2023 and the Senate on July 11. It is currently awaiting enactment by the president.

Federal Prison Oversight Act (HR 3019) – This bill establishes an inspection regime for the Bureau of Prisons (BOP). Provisions stipulate that prison inspections may be announced or unannounced; an ombudsman will be appointed to receive complaints and determine actions; and the BOP may not retaliate against anyone who initiates an investigation or inspection under this bill. The legislation was sponsored by Rep. Lucy McBath (D-GA) on April 28, 2023. It passed in the House on May 21, the Senate on July 10, and is awaiting signature by the president.

Impeaching Clarence Thomas, Associate Justice of the Supreme Court of the United States, for high crimes and misdemeanors (H Res 1353) – This resolution, which introduces articles of impeachment of Supreme Court Justice Clarence Thomas, was presented by Rep. Alexandria Ocasio-Cortez (D-NY) on July 10. The three articles are 1) Failure to disclose financial income, gifts and reimbursements, property interests, liabilities, and transactions, among other information; 2) Refusal to recuse from matters concerning his spouse’s legal interest in cases before the court; and 3) Refusal to recuse from matters involving his spouse’s financial interest in cases before the court. While the resolution was co-sponsored by 19 Democrats, it has no chance of passage in the Republican-held House.

Impeaching Samuel Alito Jr., Associate Justice of the Supreme Court of the United States, for high crimes and misdemeanors (H Res 1354) – This resolution was also introduced by Rep. Alexandria Ocasio-Cortez (D-NY) on July 10. It features the following two articles: 1) Refusal to recuse from cases in which he had a personal bias or prejudice concerning a party in cases before the court, and 2) Failure to disclose financial income, gifts and reimbursements, property interests, liabilities, and transactions, among other information. This resolution was co-sponsored by the same 19 Democrats with no chance of passage in this congressional session.

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How to Report for Comprehensive Income

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How to Report for Comprehensive IncomeComprehensive income (CI), which is defined as the sum of net income (NI) and other comprehensive income (OCI), gives both the internal and external audiences a 30,000-foot perspective of a company’s valuation. Understanding how it’s broken down, how it’s accounted for, and how it’s interpreted by different audiences is essential to making favorable impressions.

In the banking industry, the Government Accountability Office (GAO) found 2,705 material restatements occurred between the beginning of January 1997 and the first half of 2006. Businesses that fail to report financial information accurately the first time are not uncommon – but this can have harmful effects on their bottom line.

Comprehensive Income Components Defined

Net income, which is the first component of comprehensive income, is the difference between a company’s total revenue and the taxes, interest, and expenses. This shows how profitable a company is during a certain accounting time frame. It’s important to keep in mind that net income, along with all of the deductions taken from the total revenue, are reflected on the income statement because this financial document recognizes only incurred expenses and earned income during a set accounting period. 

Other comprehensive income (OCI), the second half of CI, is a way to account for and analyze unrealized or not yet booked gains or losses. This can include investing ventures, cash flow hedges, debt securities, foreign currency exchange rate adjustments, pension obligations, etc. It’s important to keep in mind that along with being reported on the company’s balance sheet, it may also be reported on a separate statement of comprehensive financial statement.  

Further Financial Statement Reporting Considerations

On June 17, 2011, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) 2011-05, Comprehensive Income – Topic 220: Presentation of Comprehensive Income.

One of the original three ways that was in effect but has been repealed with this modification from FASB was to report elements of other comprehensive income (OCI) as a portion of the statement of changes in stockholders’ equity. However, many professionals argued that this change simplified the reading and analysis of how OCI impacts a business’ total operations.

Based on FASB’s Accounting Standards Codification (ASC) 220-10-45-1, comprehensive income can be presented in either one statement or two discrete, successive statements.  

#1: Single, Successive Statement Option

Based on ASC 220-10-45-1A, the following figures are required to be reported:

Components of net income

Total net income

Components of other comprehensive income

Total for other comprehensive income

Total for comprehensive income

#2: Two Discrete, Successive Statements

Based on ASC 220-10-45-1B, the following two figures are required:

1. Statement of net income

2. Statement of other comprehensive income

The following data for each respective successive financial statement should be included:

1a. Components of net income

b. Total net income

2a. Components of other comprehensive income

b. Total for other comprehensive income

c. Total for comprehensive income

Conclusion

While each business has its own challenges and opportunities, when it comes to preparing financial statements it’s essential to prepare financial statements that are transparent and follow FASB reporting requirements to maintain attractiveness to internal and external stakeholders.

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Pre-Retirement Planning Guide Financial Plan

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Pre-Retirement Planning Guide Financial Plan

Step 3: Develop a Financial Plan

We all have a different vision for our golden years – and we are also on individual financial tracks to meet our financial goals for retirement. But if you’re not where you think you should be by age 50, consider ways to step up your efforts. Some ideas frequently recommended by financial planners include the following:

Reduce Your Expenses

You could give up some streaming services and your Friday night out with friends, but those are not likely to be impactful moves. Besides, let’s face it, those will be important entertainment and social outlets once you are in retirement, so you might not want to give them up now. A better move would be to reduce big-ticket expenses. These include your home (mortgage payments, insurance, taxes, maintenance), your car/s (payments, insurance, taxes, maintenance), tuition payments, and expensive vacations.

If it helps, break down these expenses into purposes to put them in perspective. A home provides shelter. A car gets you from point A to point B. Tuition is to educate your children and set them on a course for a meaningful life. Vacations enhance your daily life, expose you to new places, and help you bond with loved ones. Now ask yourself this: Can you achieve those four functions with a less expensive home, car, college, or vacation destination? It would be tough to say no.

Once you’ve identified these savings opportunities for a more financially secure retirement, it’s up to you to decide what to do about them. And remember, if you are considering relocation at any point – even in retirement – it is better to move sooner than later. This gives you more time to assimilate to new surroundings and make good connections (family, friends, doctors, social activities) to accompany you throughout retirement.

Invest Smartly

It’s a good idea to work with an experienced retirement financial planner who will take the time to understand your needs and objectives and make appropriate recommendations. Tip: To be assured of objective advice, consider hiring an advisor who charges by the hour rather than one who earns income via sales commissions.

Bear in mind that investing smartly can include a lot of different strategies. It could mean diversifying a current stock-dominant portfolio to include more bonds and cash – but adding a few well-researched, aggressive stocks for high-growth potential. It could mean moving a portfolio laden with high expenses to less expensive options, such as exchange-traded funds. At some point, your advisor will likely recommend transitioning your portfolio to more conservative holdings for the duration of your retirement.

And of course, use this time before retirement to max out your retirement plan contributions: In 2024, up to $23,000 + $7,500 catch-up (age 50 and older) for employer plans; up to $7,000 for a traditional and/or Roth IRA (combined total) + $1,000 catch-up.

Consolidate Your Accounts

Plan to have your accounts consolidated by the time you retire. It will be a lot easier for you (and eventually, your power of attorney and estate executor) to manage your finances if they are all in one or two places, such as a bank and/or an investment portfolio custodian.

Auto Pilot

Note that many retirement planners recommend you put your financial life on autopilot at some point in your 70s based on neurological studies that show decreased cognitive functioning as we age. But honestly, there is no reason why you shouldn’t start earlier.

Thanks to today’s technology, our financial lives are made easier no matter what age we are. We can program our bills to be paid automatically each month. We can balance our checkbook and check our credit card, savings, and investment balances online. We can have money sent to us (free of charge) via direct deposit, Venmo, and Zelle. We can schedule automatic investments, conduct buy and sell trades online, and have distributions transferred directly into our accounts.

All the methods of putting finances on autopilot that will benefit you in retirement will also benefit you right now. So, if you’re not using them yet, learn them and stay up-to-date with new technology so it won’t be intimidating as you get older. And as always, find a retirement planner who you trust to guide you in this process.