Category

Audit

New Lease Accounting Standards Require Advance Planning and Preparation by Whitney K. Schiffer, CPA


Posted on October 03, 2018 by Whitney Schiffer

Businesses across all industries are facing a serious time crunch to come onto compliance with two new accounting standards that will materially affect the financial metrics and performance they report in the future. While most private companies have focused the majority of their efforts on meeting the more time-sensitive deadline of Dec. 15, 2018, to […]

Artificial Intelligence Improves Audit Function, Helps Businesses Save Time and Money by Hector Aguililla, CPA


Posted on September 12, 2018 by Hector Aguililla

Artificial intelligence (AI) is quickly becoming a mainstay of our lives, helping us to control the appliances in our homes, recommend movies or products based on our previous behavior, and take us on rides in self-driving cars. Similarly, AI has crept into the corporate environment, helping to sort through the voluminous amounts of data created […]

How Can Real Estate Businesses Prepare for the New Model of Revenue Recognition? by Robert C. Aldir, CPA


Posted on November 10, 2017 by Robert Aldir

The new model for how businesses across all industries will need to recognize revenue from customer contracts in 2018 for public companies and in 2019 for nonpublic companies is a game changer. While privately held companies have an additional year to come into compliance, they must begin preparations now to account for the substantial changes […]

First Steps to Tackling the New Model for Revenue Recognition by Christopher Cichoski, CPA


Posted on July 20, 2017 by Christopher Cichoski

Businesses large and small and across virtually all industries face a perfect storm of financial reporting compliance challenges to contend with in the coming months. On the near horizon are the new revenue recognition standards, which go into effect for public companies, employee benefit plans and certain not-for-profit entities beginning after Dec. 15, 2017, and […]

FASB Announces New Methodology for Credit Loss Recognition by Robert Aldir, CPA


Posted on April 20, 2017 by Robert Aldir

The Financial Accounting Standards Board (FASB) recently issued a new standard for financial institutions and other businesses to follow when accounting for credit losses in financial instruments measured at amortized cost, including debt instruments, trade receivables, lease receivables, reinsurance receivables, net investments in leases, financial guarantee contracts and loan commitments. Accounting Standards Update No. 2016-13, […]

Businesses Must Comply with New Definition of a Business to Align with Revenue Recognition Standard by Christopher Cichoski, CPA


Posted on April 19, 2017 by Christopher Cichoski

The Financial Accounting Standards Board (FASB) recently issued an Accounting Standards Update (ASU) that clarifies the definition of a business when used in transactions involving the acquisition, sale or consolidation of a business or assets. More specifically, ASU 2017-1 provides companies and reporting organizations with a narrower, less complex and less costly framework for making […]

Businesses Must Comply with New Definition of a Business to Align with Revenue Recognition Standard by Chris Cichoski, CPA


Posted on April 19, 2017 by Christopher Cichoski

The Financial Accounting Standards Board (FASB) recently issued an Accounting Standards Update (ASU) that clarifies the definition of a business when used in transactions involving the acquisition, sale or consolidation of a business or assets. More specifically, ASU 2017-1 provides companies and reporting organizations with a narrower, less complex and less costly framework for making […]

Risks Hidden in Construction Contracts by Richard A. Pollack, CPA


Posted on March 03, 2015 by Richard Pollack

Corruption, improper billing and expense reimbursement top the list of reported frauds in the construction industry, according to the Association of Certified Fraud Examiners’ (ACFE) 2014 Report to the Nations. While these payment schemes can occur at any stage of the construction process, owners may wield greater control over mitigating resulting losses during the contracting […]

Private Companies Have New Option to Account for Identifiable Intangible Assets in Mergers by Hector E. Aguililla, CPA


Posted on February 23, 2015 by Hector Aguililla

Under new guidance issued in late 2014 by the Financial Accounting Standards Board (FASB) and the Private Company Council (PCC) private businesses involved in an acquisition with another business may elect an accounting alternative for recognizing certain intangible assets.  Specifically, these companies would no longer have to recognize the following items separate from goodwill: Non-competition […]

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