On July 17, 2019, the Financial Accounting Standards Board (FASB) unanimously approved to propose delaying the effective date for a number of significant accounting standards for private companies and nonprofit organizations. Included in these proposed changes is Accounting Standards Update ...
Read MoreWith 2019 underway and the new revenue recognition standard in full swing, now is the time to start planning for the additional disclosures that will be required for private companies on this year’s financial statements and to create your organization’s formal revenue recognition...
Read MoreDetermining the fair value of the assets listed on your company’s financial statements, or even a portion of them, is not an easy task. It often leads to ethical dilemmas because of the significant professional judgment required. This is particularly true when valuing investments that are...
Read MoreOn March 21, 2019, the FASB issued Accounting Standards Update (ASU) 2019-03, Not-for-Profit Entities (Topic 958): Updating the Definition of Collections. This ASU specifically addresses the use of proceeds from sales of collections and related disclosures. Collections include groupings of art...
Read MoreThe AICPA’s Auditing Standards Board (ASB) is taking steps to enhance the consistency of financial reporting between public and private companies. A new omnibus auditing standard will cover standards on related parties, communications with audit committees, and consideration of fraud in a...
Read MoreEffective January 1, 2019, private companies are required to comply with Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. The new standard results in a five-step process to follow when recording revenue:Identify the contractIdentify separate performance...
Read MoreThere’s been much talk surrounding the new leasing standard that has already taken effect for publicly traded companies and looms over privately held companies for periods beginning after December 15, 2019. One of the most anticipated standards the Financial Accounting Standards Board (FASB...
Read MoreAccounting Standards Update (ASU) No. 2016-14 is effective for not-for-profit organizations with fiscal years beginning after December 15, 2017, which means for calendar year-ends 2018 and fiscal year-ends 2019. If you haven’t already, now is the time to develop and put into place the...
Read MoreThe Financial Accounting Standards Board’s (FASB’s) new standard for accounting for leases is poised to take effect for public companies and certain other entities for periods beginning after December 15, 2018. Although early adoption is permitted, other organizations that follow U.S....
Read MoreIf your company has gone through an audit or review before, you know the result is a critical report that will be used throughout the year to communicate with investors, lenders and other key users of your financial statements. You also know the audit process isn’t always simple and...
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