New FASB Leasing Standard Updates and Guidance
Posted by Julie Killian on September 14, 2021
Julie Killian
After several adoption date delays, it’s now time to get serious about adopting the new leasing standard. Businesses must begin using the standard in their 2022 fiscal year, and start preparing in 2021. Here is a summary and some important considerations.
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How Remote Work Has Impacted Auditing
Posted by Julie Killian on November 17, 2020
Julie Killian
Auditing relies on two things more than anything else: having access and being in person. 2020 had other plans. Forced out of offices and forbidden to travel, auditors and firms across the globe have needed to adapt quickly to the world of remote work and all the issues that come with it.
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Financial Reporting Implications Due to COVID-19
Posted by Julie Killian on October 30, 2020
Julie Killian
COVID-19 has clearly disrupted life as we know it. Despite these disruptions, businesses continue to operate (some at an altered state) and therefore are required to provide financial reporting to stakeholders.
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Accounting for PPP Loan Forgiveness
Posted by Julie Killian on September 24, 2020
Julie Killian
We have been receiving many questions lately about the PPP loan and forgiveness requirements. Here are some of the most common questions we are hearing from companies along with some initial guidance on what to do.
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FASB Delays Implementation for Revenue Recognition and Leases
Posted by Julie Killian on May 21, 2020
Julie Killian
The Financial Accounting Standards Board (FASB) voted on Wednesday, May 20 to delay the effective date of the Revenue Recognition Standard by one year for all nonpublic companies who have not issued financial statements yet.
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CPAs Help Small Businesses Survive
Posted by Julie Killian on May 11, 2020
Julie Killian
Shareholder Julie Killian was interviewed by the Journal of Accountancy to learn how CPAs are vital to helping small businesses survive during the COVID-19 pandemic.
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The Silver Lining
Posted by Julie Killian on April 21, 2020
Julie Killian
The week of April 15 usually marks the end of “busy season” or “tax season” in the public accounting world. CPAs all over the United States celebrate the end of long hours and enjoy the feeling of satisfaction that comes from helping their clients meet financial reporting and tax deadlines.
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Business Survival: Protecting Cash
Posted by Julie Killian on April 3, 2020
Julie Killian
As the world faces, and attempts to absorb, the realities presented by the Covid-19 health crisis, businesses and in particular small businesses, need to be focused on survival.
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CARES Act Special Rules for Use of Retirement Funds
Posted by Julie Killian on March 30, 2020
Julie Killian
The CARES Act includes a number of provisions to allow access to retirement funds in employer-sponsored retirement plans.
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Effective System of Quality Control Documents
Posted by Julie Killian on March 15, 2020
Julie Killian
Every firm with an audit and assurance practice required to comply with the Statement on Quality Control Standard No. 8 (SQCS No. 8) must have a written Quality Control Document.
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Tips for a Smooth Audit
Posted by Julie Killian on December 19, 2019
Julie Killian
Whether preparing for a first-year audit or looking to simplify the existing audit process, there are proactive steps a company can take to have a smooth and relatively painless corporate financial statement audit.
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Revenue Recognition Changes for Professional Service Companies
Posted by Julie Killian on October 11, 2019
Julie Killian
While many professional service companies have completed their analyses and made updates to track data in accordance with the new standard, some are still in the process and playing catch-up. For those that still need to implement the standard, consider these key areas that are likely to impact professional service companies.
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Do You have to Adopt the FASB Revenue and Lease Standards?
Posted by Julie Killian on June 11, 2019
Julie Killian
Do you provide monthly or quarterly financial statements to your bank or other stakeholders? Are those financial statements required to be prepared using US GAAP standards?
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Revenue Recognition Changes are Here
Posted by Julie Killian on November 26, 2018
Julie Killian
The complexity of the new standard can make implementation time consuming, and the time remaining for that implementation is short.
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Revenue Recognition: Five-Step Implementation
Posted by Julie Killian on March 5, 2018
Julie Killian
When recognizing revenue over time, the objective is to do so in a pattern commensurate with the transfer of control to the customer.
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Employee Benefit Plan Implications of the Tax Cuts and Jobs Act
Posted by Julie Killian on February 28, 2018
Julie Killian
While the business and individual provisions of the Tax Cuts and Jobs Act (TCJA) are currently the focus of attention for many, those responsible for …
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Revenue Recognition: Allocating Transaction Price
Posted by Julie Killian on December 19, 2017
Julie Killian
Over the past several months Clayton & McKervey has provided information about the new revenue recognition standard released by the Financial Accounting Standards Board …
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Revenue Recognition: Determining Transaction Price
Posted by Julie Killian on November 20, 2017
Julie Killian
Over the past several months Clayton & McKervey has provided information about the new revenue recognition standard released by the Financial Accounting Standards Board (FASB); …
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Revenue Recognition – Step 2
Posted by Julie Killian on September 8, 2017
Julie Killian
Over the past several months, information has been provided about the new revenue recognition standard released by the Financial Accounting Standards Board (FASB). The …
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Revenue Recognition – Step 1
Posted by Julie Killian on July 11, 2017
Julie Killian
Over the past several months we have provided information about the new revenue recognition standard released by the Financial Accounting Standards Board (FASB); (Revenue …
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Who Needs an Employee Benefit Plan Audit?
Posted by Julie Killian on June 21, 2017
Julie Killian
Many companies sponsor employee benefit plans for their employees. Management may not be aware that certain plans require an audit to be completed by …
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Revenue Recognition: Accounting Changes… You Have Options!
Posted by Julie Killian on May 16, 2017
Julie Killian
By now companies know that big changes are coming to their US Generally Accepted Accounting Principles (GAAP) financial statements. Now is the time for …
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Revenue Recognition Standard: Not Your Typical Accounting Change
Posted by Julie Killian on April 18, 2017
Julie Killian
The accounting industry identified the need to form a global revenue recognition strategy 15 years ago; announcing the final standard in May 2014.
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Five-Step Revenue Recognition Implementation
Posted by Julie Killian on March 27, 2017
Julie Killian
The accounting industry identified the need to form a single, unified, global revenue recognition strategy 15 years ago; announcing the final standard in May 2014.
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Local Auditors & Parent Company Auditors
Posted by Julie Killian on February 8, 2017
Julie Killian
Group reporting is a specifically challenging process in today’s global business environment but should be on a shortlist of high priority tasks. In the …
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Tips for a Good Year-End Inventory Observation
Posted by Julie Killian on October 5, 2016
Julie Killian
As business processes become more complex, the balance between the efficiency and effectiveness of operational procedures becomes more critical to examine. With the calendar year-end …
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Tips for a Smooth Audit
Posted by Julie Killian on September 14, 2016
Julie Killian
Whether preparing for a first-year audit or looking to simplify the existing audit process, there are proactive steps a company can take to have a smooth …
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Now That You’ve Chosen an Auditor
Posted by Julie Killian on August 16, 2016
Julie Killian
After performing the task of selecting an auditor, there are several steps crucial to a smooth transition for both the business …
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What You Should Know About Choosing an Auditor
Posted by Julie Killian on April 19, 2016
Julie Killian
Can All CPAs Audit My Financial Statements? The first things to consider when selecting an auditor are their qualifications and expertise. Not all CPAs and …
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New Lease Accounting Guidance Issued by FASB
Posted by Julie Killian on March 14, 2016
Julie Killian
On February 25, 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02 Leases (Topic 842), which provides new guidance on lease accounting. The new …
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Accounting & Auditing Update
Posted by Julie Killian on February 19, 2016
Julie Killian
With each passing year, accounting standards change and increase in complexity. While accounting standards have continued to evolve throughout 2015, the main theme of the …
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Are You Ready for the New Revenue Recognition Standard?
Posted by Julie Killian on January 26, 2016
Julie Killian
Revenue recognition guidance is changing. Under current US Generally Accepted Accounting Principles (“GAAP”), there are multiple accounting models for revenue and extensive industry-specific guidance which …
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Performing Employee Benefit Plan Audits
Posted by Julie Killian on January 12, 2016
Julie Killian
Recently the Department of Labor (“DOL”) has been sending letters to employee benefit plan administrators that read as follows: Dear Plan Administrator: I am …
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Structuring Cloud Computing Arrangements to Ensure They Have a Positive Impact on Key Financial Indicators
Posted by Julie Killian on November 17, 2015
Julie Killian
In April 2015, the Financial Accounting Standards Board (“FASB”) issued new guidance* on accounting for fees paid for cloud computing arrangements. How you structure your …
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5 Differences Between US GAAP and IFRS
Posted by Julie Killian on September 24, 2015
Julie Killian
Even for non-public US companies, having a basic understanding of International Financial Reporting Standards (“IFRS”) is beneficial. The continued global adoption of …
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Committee of Sponsoring Organizations Framework (COSO) and How It Applies to Closely Held Businesses
Posted by Julie Killian on June 30, 2015
Julie Killian
Committee of Sponsoring Organizations Due to heightened corrupt practices throughout businesses in the early to late 1970s, the US Securities and Exchange Commission partnered with …
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New Report from the US Department of Labor Indicates High Percentage of Deficient Employee Benefit Plan Audits
Posted by Julie Killian on June 16, 2015
Julie Killian
Clayton & McKervey, P.C. is committed to audit quality. We dedicate considerable resources to making sure our audits meet the highest standards. The importance of …
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FASB Update: Simplifying Income Statement Presentation
Posted by Julie Killian on January 16, 2015
Julie Killian
On January 9, 2015, the FASB issued ASU [Accounting Standards Update] 2015-01, Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating …
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FASB Issues Pushdown Accounting Option
Posted by Julie Killian on January 13, 2015
Julie Killian
Pushdown accounting is the reflection of the fair value of assets acquired and liabilities assumed in a business acquisition to the acquired entity’s financial statements.
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The future of International Financial Reporting Standards in the United States
Posted by Julie Killian on September 16, 2014
Julie Killian
The Securities and Exchange Commission says IFRS Adoption in the US is unlikely Based on recent discussions at the Securities and Exchange Commission (SEC), US …
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