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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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PPP Loan Forgiveness Application & Guidance Released
Posted by Sarah Russell and Tim Hilligoss on May 18, 2020
On May 15, 2020, the Treasury and Small Business Administration (SBA) issued long-awaited information on PPP loan forgiveness, including the application for forgiveness and relevant instructions.
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Good News for PPP Loan Borrowers
Posted by Sarah Russell on May 14, 2020
As we have previously stated, there is a fair amount of uncertainty regarding all of the rules surrounding the Paycheck Protection Program (PPP). One item which caused concern among many small businesses was the previous SBA guidance regarding the good-faith certification required as part of the PPP application.
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Documentation is Key as We Wait
Posted by Tim Hilligoss on May 13, 2020
How many of you remember the old ketchup commercial -- waiting for the ketchup pour to hit your hot dog or hamburger? Anticipation, an-ti-ci-pay-ay-tion…is making you wait.
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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.
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Clayton & McKervey Serves on Grant Panel
Posted by Clayton & McKervey on April 21, 2020
Shareholder Julie Killian was invited to serve on an Oakland County panel of judges to help the county award funding to manufacturers able to shift production to Personal Protection Equipment.
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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.
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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.
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Effective System of Quality Control Documents
Posted by Wendy Reedy on March 15, 2020
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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Impact of Revenue Recognition Changes for GAAP/IFRS on Tax Returns
Posted by Sue Tuson on February 17, 2020
The new revenue recognition standards under Generally Accepted Accounting Principles (GAAP) became effective for private companies for annual reporting periods beginning after December 15, 2018.
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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.
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Leadership From Around the Globe
Posted by Robert Dutkiewicz on December 2, 2019
A few weeks ago I traveled to Rome, along with my fellow shareholder Sue Tuson, to attend the PrimeGlobal World Conference. PrimeGlobal is one of the five largest associations of independent accounting firms in the world.
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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.
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Turns on Inventory – Systems and Processes to Monitor Inventory Levels
Posted by David Van Damme and Jim Biehl on July 30, 2019
You’re in the wholesale or distribution space and have a huge asset, called inventory, which needs to be converted to cash, but you aren’t great at tracking or counting it and you are not really sure which items are sitting. So what do you do?
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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?
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Clayton & McKervey Promotes Three to Senior Manager
Posted by Clayton & McKervey on July 26, 2018
Clayton & McKervey announces that David Van Damme, Catherine (Katie) Faysal, and Ben Smith, all certified public accountants in the Assurance Department, have been promoted from Manager to Senior Manager.
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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 …
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Basics of an IRS Audit
Posted by Sue Tuson on February 2, 2018
When a taxpayer is notified by the IRS for a tax return audit, the first reaction may be panic or fear. Understanding the audit process …
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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); …
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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 …
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Who Needs an Employee Benefit Plan Audit?
Posted by Julie Killian and Catherine Faysal 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 …
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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.
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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 …
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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 …
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401k Check-Ups Can Prevent DOL and IRS Penalties
Posted by Julie Killian on September 29, 2016
Many employee benefit plans receive their first audit upon meeting the level of 100 eligible participants. This is when federal law requires an audit …
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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 …
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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 …
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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 …
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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 …
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401k Plan “Best Practices”
Posted by Clayton & McKervey on February 5, 2016
401k plans, although typically intended to provide a tax-beneficial savings vehicle and foster employee retention and satisfaction, have evolved to require extensive compliance and oversight …
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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 …
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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 …
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Structuring Cloud Computing Arrangements to Ensure They Have a Positive Impact on Key Financial Indicators
Posted by Wendy Reedy on November 17, 2015
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
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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Private Company Reporting Options – “FRF for SMEs” vs. “Private Company Council GAAP”
Posted by Tim Finerty and Catherine Faysal on August 4, 2015
The private company financial reporting landscape has changed. With new acronyms like “FRF for SMEs” and “PCC,” it can be hard for companies to decide …
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Eight Questions Answered About SSARS 21: Statement on Standards for Accounting and Review Services: Clarification and Recodification
Posted by Kevin Johns on July 8, 2015
New SSARS 21 pronouncement brings new options to financial reporting Effective for years ending after December 15, 2015, accountants in pubic practice will have new …
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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
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
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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Employee Benefit Plan Hot Topic: Forfeitures
Posted by Julie Killian on March 11, 2015
Vesting in employee benefits is an immediate right to a future asset. The vested right is a promise granted to employees in a pension or …
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FASB Update: Simplifying Income Statement Presentation
Posted by Wendy Reedy on January 16, 2015
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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