Clayton & McKervey Shareholder to Present an Alternate Solution to Revenue and Lease Accounting Standards at 2019 AICPA Engage
Clayton & McKervey, a certified public accounting and business advisory firm helping growth-driven companies compete in the global marketplace, announced that shareholder Julie Killian, CPA, is part of a panel that will present on the advantages of implementing a financial reporting option for smaller businesses at the 2019 American Institute of Certified Public Accountants (AICPA) Engage conference. The professional development event for accounting and finance professionals takes place June 9–13 in Las Vegas.
Along with Killian, session speakers Mike Brand Johnson, a partner at Feigley, Newton & Brand, LLP, and Robert Durak, Director of Audit & Accounting Technical Services for the Association of International Certified Professional Accountants, will discuss how accountants can help many private, small- and medium-sized businesses to avoid the difficulties that stem from the new revenue and lease accounting standards. Their presentation, “Does Your Client Have to Adopt the Revenue and Lease Standards? An Alternative Solution,” will take place on June 10 at 3:45 p.m.–4:35 p.m. and cover key topics including:
- The fundamental principles of the Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs)
- How the FRF for SMEs differs from other accounting frameworks
- How to transition financial statements to the FRF for SMEs
In October 2018, Killian was appointed to the Technical Issues Committee (TIC) of AICPA’s Private Companies Practice Section (PCPS). This national committee is made up of CPA practitioner volunteers who work to represent the views of local firms and their clients in the standards-setting process. TIC monitors the activities of the various standard-setting boards including the FASB, GASB and ASB, as well as other AICPA senior committees, and submits comments and recommendations to the standard setters as the collective voice of small and medium-sized firms, as needed. Earlier this month, TIC sent a letter to FASB to request a one-year delay on implementation of a new lease standard, citing an overload of new accounting standards for private companies that all effective within a similar time frame. The letter was picked up by numerous accounting and business publications including the Wall Street Journal and is currently under consideration by FASB.
Killian was named a shareholder at Clayton & McKervey in July 2018 and leads the firm’s Assurance practice. She works with owners, CFOs and controllers of closely-held companies with operations in the United States, Europe, Asia and Mexico and are focused on the technical and compliance aspects of reporting, including audits and reviews of corporate financial statements, audits of employee benefit plans, and reviews of internal controls and performance reporting. Additional areas of expertise include U.S. Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standards (IFRS), AICPA Financial Reporting Framework for Small and Mid-sized Entities (FRF-SME) and the updated revenue recognition standard released by the Financial Accounting Standards Board (FASB) in 2015. Killian holds a Bachelor of Arts in Accounting from Michigan State University and IFRS certification from the American Institute of Public Accountants.
The American Institute of CPAs (AICPA) is the world’s largest member association representing the accounting profession, with more than 431,000 members, and has a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. Its mission is to drive a dynamic accounting profession ready to meet the demands of a constantly changing, disruptive world—providing the tools, resources, and intelligence needed to clarify complexity, anticipate risk and create opportunity.
About Clayton & McKervey
Clayton & McKervey is a full-service CPA firm helping middle-market entrepreneurial companies compete in the global marketplace. The firm is headquartered in metro Detroit and services clients throughout the world. To learn more, visit claytonmckervey.com.