Author Archives: Rich Daisley, CPA
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, […]
Adopting Topic 606: What Private Companies Can Learn From Public Business Entities’ Implementation of the New Revenue Standard
One of the best treats in life is to be able to learn from the challenges of others. For private companies implementing Topic 606, Revenue from Contracts with Customers, 2018 is providing just this opportunity. Most public business entities (PBEs) adopted Topic 606 on January 1, 2018. This represented the culmination of, for many PBEs, […]
As both public and private companies scramble to complete the new revenue standard, Topic 606, they should not lose track of the fast approaching effective date for the FASB’s new lease accounting guidance, Topic 842. In addition to requiring the capitalization of all leases by companies, along with the related lease liability, the new lease […]
You’ve probably seen the large impacts that many publicly traded entities have announced related to the accounting for the Tax Cuts and Jobs Act. It’s important to remember that tax reform’s impact on financial statements isn’t just a large or publicly traded company issue. All corporations need to record the impact of the change in […]
So the Tax Cuts and Jobs Act (the “Act”) is here. While many are focusing on the impact of individual rate reduction and the impact on their itemized deductions, corporations need to assess the impact of the Tax Cuts and Jobs Act on financial statements–specifically on their deferred tax balances as part of the 2017 […]
By Rich Daisley, CPA As Tax Reform legislation works its way through Congress, we’ve mostly heard about its potential impact on personal or corporate income tax bills (i.e. “how will the GOP tax plan affect me?”) However, those involved in the financial reporting process should also be considering how potential tax reform could impact financial statements. […]
The FASB continued to clear its current technical agenda by issuing 4 new ASUs over the past few weeks. Read more for how each of these standards updates could affect your practice and your clients.
SSAE No. 18 Provides Clarity on Attestation Engagements: If You Think This New Standard Doesn’t Apply to Your Practice, Think Again
Statements for Attestation Engagements (SSAE) No. 18, Attestation Standards, Clarification and Recodification, will be effective for examination, review and agreed-upon reports dated on or after May 1. Now is the time to brush up on this new standard.