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We are committed to bringing you the latest news and impacts related to the Coronavirus and business operations—COVID-19 Resources. In addition, we can help navigate the challenges ahead.

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How Remote Work Has Impacted Auditing

Posted by Julie Killian on November 17, 2020

Julie Killian 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.

Read more

Financial Reporting Implications Due to COVID-19

Posted by Julie Killian on October 30, 2020

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.


Read more

Accounting for PPP Loan Forgiveness

Posted by Julie Killian on September 24, 2020

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.


Read more

FASB Delays Implementation for Revenue Recognition and Leases

Posted by Julie Killian on May 21, 2020

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.


Read more

CPAs Help Small Businesses Survive

Posted by Julie Killian on May 11, 2020

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.


Read more

The Silver Lining

Posted by Julie Killian on April 21, 2020

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.


Read more

Business Survival: Protecting Cash

Posted by Julie Killian on April 3, 2020

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.


Read more

CARES Act Special Rules for Use of Retirement Funds

Posted by Julie Killian on March 30, 2020

The CARES Act includes a number of provisions to allow access to retirement funds in employer-sponsored retirement plans.


Read more

Tips for a Smooth Audit

Posted by Julie Killian on December 19, 2019

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.


Read more

Revenue Recognition Changes for Professional Service Companies

Posted by Julie Killian on October 11, 2019

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.


Read more

Do You have to Adopt the FASB Revenue and Lease Standards?

Posted by Julie Killian on June 11, 2019

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?


Read more

Revenue Recognition Changes are Here

Posted by Julie Killian on November 26, 2018

The complexity of the new standard can make implementation time consuming, and the time remaining for that implementation is short.


Read more

Revenue Recognition: Five-Step Implementation

Posted by Julie Killian on March 5, 2018

When recognizing revenue over time, the objective is to do so in a pattern commensurate with the transfer of control to the customer.


Read more

Employee Benefit Plan Implications of the Tax Cuts and Jobs Act

Posted by Julie Killian on February 28, 2018

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 …


Read more

Revenue Recognition: Allocating Transaction Price

Posted by Julie Killian on December 19, 2017

Over the past several months Clayton & McKervey has provided information about the new revenue recognition standard released by the Financial Accounting Standards Board …


Read more

Revenue Recognition: Determining Transaction Price

Posted by Julie Killian on November 20, 2017

Over the past several months Clayton & McKervey has provided information about the new revenue recognition standard released by the Financial Accounting Standards Board (FASB); …


Read more

Revenue Recognition – Step 2

Posted by Julie Killian on September 8, 2017

Over the past several months, information has been provided about the new revenue recognition standard released by the Financial Accounting Standards Board (FASB). The …


Read more

Revenue Recognition – Step 1

Posted by Julie Killian on July 11, 2017

Over the past several months we have provided information about the new revenue recognition standard released by the Financial Accounting Standards Board (FASB); (Revenue …


Read more

Who Needs an Employee Benefit Plan Audit?

Posted by Julie Killian on June 21, 2017

Many companies sponsor employee benefit plans for their employees. Management may not be aware that certain plans require an audit to be completed by …


Read more

Revenue Recognition: Accounting Changes… You Have Options!

Posted by Julie Killian on May 16, 2017

By now companies know that big changes are coming to their US Generally Accepted Accounting Principles (GAAP) financial statements. Now is the time for …


Read more

Revenue Recognition Standard: Not Your Typical Accounting Change

Posted by Julie Killian on April 18, 2017

The accounting industry identified the need to form a global revenue recognition strategy 15 years ago; announcing the final standard in May 2014.


Read more

Five-Step Revenue Recognition Implementation

Posted by Julie Killian on March 27, 2017

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.


Read more

Local Auditors & Parent Company Auditors

Posted by Julie Killian on February 8, 2017

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 …


Read more

Tips for a Good Year-End Inventory Observation

Posted by Julie Killian on October 5, 2016

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 …


Read more

Tips for a Smooth Audit

Posted by Julie Killian on September 14, 2016

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 …


Read more

Now That You’ve Chosen an Auditor

Posted by Julie Killian on August 16, 2016

After performing the task of selecting an auditor, there are several steps crucial to a smooth transition for both the business …


Read more

What You Should Know About Choosing an Auditor

Posted by Julie Killian on April 19, 2016

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 …


Read more

New Lease Accounting Guidance Issued by FASB

Posted by Julie Killian on March 14, 2016

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 …


Read more

Accounting & Auditing Update

Posted by Julie Killian on February 19, 2016

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 …


Read more

Are You Ready for the New Revenue Recognition Standard?

Posted by Julie Killian on January 26, 2016

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 …


Read more

Performing Employee Benefit Plan Audits

Posted by Julie Killian on January 12, 2016

Recently the Department of Labor (“DOL”) has been sending letters to employee benefit plan administrators that read as follows: Dear Plan Administrator: I am …


Read more

5 Differences Between US GAAP and IFRS

Posted by Julie Killian on September 24, 2015

Even for non-public US companies, having a basic understanding of International Financial Reporting Standards (“IFRS”) is beneficial. The continued global adoption of …


Read more

Committee of Sponsoring Organizations Framework (COSO) and How It Applies to Closely Held Businesses

Posted by Julie Killian on June 30, 2015

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 …


Read more

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

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 …


Read more

The future of International Financial Reporting Standards in the United States

Posted by Julie Killian on September 16, 2014

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 …


Read more

8 Accounting Updates for 2014

Posted by Julie Killian on December 11, 2013

The developments included in this article highlight recent accounting standards projects, updates, and new guidance. This discussion touches on those developments most relevant to our …


Read more

AICPA Non-GAAP Financial Reporting Framework (FRF for SMEs)

Posted by Julie Killian on August 7, 2013

On June 10, 2013, the AICPA released its Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs). This is an optional, comprehensive basis …


Read more

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How Remote Work Has Impacted Auditing

Posted by Julie Killian on November 17, 2020

Julie Killian 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.

Read more

Financial Reporting Implications Due to COVID-19

Posted by Julie Killian on October 30, 2020

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.


Read more

Accounting for PPP Loan Forgiveness

Posted by Julie Killian on September 24, 2020

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.


Read more

FASB Delays Implementation for Revenue Recognition and Leases

Posted by Julie Killian on May 21, 2020

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.


Read more

CPAs Help Small Businesses Survive

Posted by Julie Killian on May 11, 2020

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.


Read more

The Silver Lining

Posted by Julie Killian on April 21, 2020

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.


Read more

Business Survival: Protecting Cash

Posted by Julie Killian on April 3, 2020

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.


Read more

CARES Act Special Rules for Use of Retirement Funds

Posted by Julie Killian on March 30, 2020

The CARES Act includes a number of provisions to allow access to retirement funds in employer-sponsored retirement plans.


Read more

Tips for a Smooth Audit

Posted by Julie Killian on December 19, 2019

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.


Read more

Revenue Recognition Changes for Professional Service Companies

Posted by Julie Killian on October 11, 2019

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.


Read more

Do You have to Adopt the FASB Revenue and Lease Standards?

Posted by Julie Killian on June 11, 2019

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?


Read more

Revenue Recognition Changes are Here

Posted by Julie Killian on November 26, 2018

The complexity of the new standard can make implementation time consuming, and the time remaining for that implementation is short.


Read more

Revenue Recognition: Five-Step Implementation

Posted by Julie Killian on March 5, 2018

When recognizing revenue over time, the objective is to do so in a pattern commensurate with the transfer of control to the customer.


Read more

Employee Benefit Plan Implications of the Tax Cuts and Jobs Act

Posted by Julie Killian on February 28, 2018

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 …


Read more

Revenue Recognition: Allocating Transaction Price

Posted by Julie Killian on December 19, 2017

Over the past several months Clayton & McKervey has provided information about the new revenue recognition standard released by the Financial Accounting Standards Board …


Read more

Revenue Recognition: Determining Transaction Price

Posted by Julie Killian on November 20, 2017

Over the past several months Clayton & McKervey has provided information about the new revenue recognition standard released by the Financial Accounting Standards Board (FASB); …


Read more

Revenue Recognition – Step 2

Posted by Julie Killian on September 8, 2017

Over the past several months, information has been provided about the new revenue recognition standard released by the Financial Accounting Standards Board (FASB). The …


Read more

Revenue Recognition – Step 1

Posted by Julie Killian on July 11, 2017

Over the past several months we have provided information about the new revenue recognition standard released by the Financial Accounting Standards Board (FASB); (Revenue …


Read more

Who Needs an Employee Benefit Plan Audit?

Posted by Julie Killian on June 21, 2017

Many companies sponsor employee benefit plans for their employees. Management may not be aware that certain plans require an audit to be completed by …


Read more

Revenue Recognition: Accounting Changes… You Have Options!

Posted by Julie Killian on May 16, 2017

By now companies know that big changes are coming to their US Generally Accepted Accounting Principles (GAAP) financial statements. Now is the time for …


Read more

Revenue Recognition Standard: Not Your Typical Accounting Change

Posted by Julie Killian on April 18, 2017

The accounting industry identified the need to form a global revenue recognition strategy 15 years ago; announcing the final standard in May 2014.


Read more

Five-Step Revenue Recognition Implementation

Posted by Julie Killian on March 27, 2017

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.


Read more

Local Auditors & Parent Company Auditors

Posted by Julie Killian on February 8, 2017

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 …


Read more

Tips for a Good Year-End Inventory Observation

Posted by Julie Killian on October 5, 2016

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 …


Read more

Tips for a Smooth Audit

Posted by Julie Killian on September 14, 2016

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 …


Read more

Now That You’ve Chosen an Auditor

Posted by Julie Killian on August 16, 2016

After performing the task of selecting an auditor, there are several steps crucial to a smooth transition for both the business …


Read more

What You Should Know About Choosing an Auditor

Posted by Julie Killian on April 19, 2016

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 …


Read more

New Lease Accounting Guidance Issued by FASB

Posted by Julie Killian on March 14, 2016

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 …


Read more

Accounting & Auditing Update

Posted by Julie Killian on February 19, 2016

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 …


Read more

Are You Ready for the New Revenue Recognition Standard?

Posted by Julie Killian on January 26, 2016

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 …


Read more

Performing Employee Benefit Plan Audits

Posted by Julie Killian on January 12, 2016

Recently the Department of Labor (“DOL”) has been sending letters to employee benefit plan administrators that read as follows: Dear Plan Administrator: I am …


Read more

5 Differences Between US GAAP and IFRS

Posted by Julie Killian on September 24, 2015

Even for non-public US companies, having a basic understanding of International Financial Reporting Standards (“IFRS”) is beneficial. The continued global adoption of …


Read more

Committee of Sponsoring Organizations Framework (COSO) and How It Applies to Closely Held Businesses

Posted by Julie Killian on June 30, 2015

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 …


Read more

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

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 …


Read more

The future of International Financial Reporting Standards in the United States

Posted by Julie Killian on September 16, 2014

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 …


Read more

8 Accounting Updates for 2014

Posted by Julie Killian on December 11, 2013

The developments included in this article highlight recent accounting standards projects, updates, and new guidance. This discussion touches on those developments most relevant to our …


Read more

AICPA Non-GAAP Financial Reporting Framework (FRF for SMEs)

Posted by Julie Killian on August 7, 2013

On June 10, 2013, the AICPA released its Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs). This is an optional, comprehensive basis …


Read more

Categories

Jump directly to the topics that matter to you most.

  • A&E Professional Services
  • About Us
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  • C&M Press Releases
  • Careers
  • China Consulting
  • Clayton & McKervey
  • Client Accounting Services
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  • Data Analytics
  • Estate Planning
  • Expanding Outside the U.S.
  • Expanding to the U.S.
  • From the President
  • Industrial Automation
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  • Manufacturing & Distribution
  • Mexico Consulting
  • Podcasts
  • Private Client Services
  • Tax & Tax Credits
  • Transaction Services
  • Videos

Authors

Read news direct from our managers and stakeholders.

  • Ben Smith
  • Beth Butchart
  • Bryan Powrozek
  • Carlos Calderon
  • Casey Haggerty
  • Clayton & McKervey
  • Dave Van Damme
  • Denise Asker
  • Eric Lin
  • Jim Biehl
  • Julie Killian
  • Kevin Johns
  • Margaret Amsden
  • Miroslav Georgiev
  • Nina Wang
  • Rob Dutkiewicz
  • Ruben Ramirez
  • Sarah Russell
  • Sue Tuson
  • Tarah Ablett
  • Teresa Gordon
  • Tim Finerty
  • Tim Hilligoss
  • Wendy Reedy

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Additional news from Clayton & McKervey can be found below.

  • Subscribe to our email newsletter
  • View upcoming events
  • Contact us to let us know how we can help you

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