Author Archives: Rich Daisley, CPA

Companies institute elaborate controls to prevent or detect fraud. We as public accountants devote a significant amount of effort on our audits toward preventing or detecting material fraud. For all that we do as a profession, the risk of fraud, and its potentially large impact, never go away. While we haven’t experienced another Enron or […]

One of the more complex areas of financial reporting is accounting for convertible debt. Under current GAAP, there are 5 different accounting models which could apply, based on the facts and circumstances of the debt conversion feature. Each of these models have different accounting outcomes, ranging from the debt with the conversion feature being recorded […]

As entities with June 30, 2020 year-end reporting dates prepare their financial statements for the first time post the COVID-19 pandemic, they will need to address the many potential financial reporting issues which have arisen as a result of the economic fallout of COVID-19. The financial reporting implications of actions which entities have taken in […]

Over the past few months, the entire world has dealt with the significant impact of the COVID-19 pandemic. While potentially of a secondary concern, the aftermath of COVID-19 has also had a significant impact on the accounting and financial reporting functions of virtually all entities, for-profit and not-for-profit alike. Further, these continuing impacts of the coronavirus […]

There are many implications of the current COVID-19 pandemic. First and foremost is the consideration of the health and well-being of those impacted by the pandemic, including those who have contracted the disease, people caring for those who have contracted the disease and the healthcare providers and personnel in related fields who are treating these […]

The effective date of ASC Topic 606, Revenue From Contracts with Customers, is finally here for non-public business entities. All financial statements dated on or after December 31, 2019 will need to present revenue recognized under this new accounting guidance issued by the FASB. However, just because the deadline is here doesn’t mean that your […]

From those whose firms have recently gone through a peer review as part of the AICPA’s Peer Review Program (PRP), the feedback is consistent. Things have changed. While the underlying requirements of the PRP are the same, a review of a sample of an accounting firm’s engagement workpapers in order to assure compliance with applicable […]

With the effective date of Topic 842, Leases, right around the corner, the FASB recently issued two new ASUs that update the lease accounting guidance originally issued in 2016. Both of these updates are effective at the same time as Topic 842. In July, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, […]

After being particularly slow with its standard setting in early 2018, the Financial Accounting Standards Board (FASB) has significantly picked up its pace in issuing new accounting guidance over the past few weeks. Also, in looking at the FASB’s technical agenda, there are several more Accounting Standards Updates (ASU) which the FASB plans to issue […]

We’ve heard quite a lot recently about the coming inclusion of critical audit matters (CAMs) in the audit report for audits following PCAOB auditing standards. CAMs are those items that have been reported to a client’s Audit Committee and relate to accounts or disclosures that are material to the financial statements and involve especially challenging, […]