Author Archives: Rich Daisley, CPA

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, […]

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 […]