Audit & Accounting

Healthcare Summit Presented by RIMA

Healthcare Summit for Manufacturers

Rhode Island Manufacturers Association (RIMA) is hosting a Healthcare Summit on September 14, 2017 from 7:30 am to 10:00 am at the Providence Marriott on Orms Street. The Healthcare Summit will feature Dr. Marie Ganim, RI's newly appointed health insurance commissioner as well as leaders from...

AICPA Addresses Three Revenue Recognition Implementation Issues

-by Andrew de Labry, CPA In May 2014 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), which outlines a single comprehensive model to use in accounting for revenue arising from contracts with customers. The ASU supersedes and replaces nearly...

New Guidance for Accounting for Grants and Contributions

Grants

By Linda Marie Pearson, CPA, CFE FASB has proposed an Accounting Standards Update to the FASB Accounting Standards Codification (ASC or GAAP) related to recording contributions received and contributions made. The purpose of the proposed change is to address the diversity in practice when applying current GAAP to grants...

Audit Q&A

Audit Q&A, State Capital Building

What to Know When Taking Federal Money The Office of Management and Budget (OMB) has streamlined its guidance on audit requirements for nonprofits that receive federal awards. Among other things, the revised rules reduce the burden on smaller nonprofits by increasing the threshold that triggers compliance audits from $500,000 to...

New Revenue Recognition – Time to Prepare Is Now

The deadline for implementing the new revenue recognition standard is as early as December 15, 2017 for public entities and December 15, 2018 for nonpublic entities. These deadlines may appear far away, but it’s critical to start preparing now. The new standard has the potential to impact organizations...

Rethinking Nonprofit Financial Reporting

The Financial Accounting Standards Board (FASB) has issued new accounting standards for nonprofit financial reporting. The update, Presentation of Financial Statements of Not-for-Profit Entities, is designed to help nonprofits present their financials in a way that tells their story more transparently. A Clearer Picture, Inside and Out Both internal...

FASB Proposes to Simplify the Classification of Debt

by Linda Marie Pearson, CPA, CFE On January 10, 2017, FASB issued an exposure draft to simplify the classification of debt in a classified balance sheet (current versus noncurrent). The amendments in this proposed Update will replace the current, fact-specific guidance with “an overarching, cohesive principle” – the...

FASB Focuses on Inventory Disclosures

-by Linda Marie Pearson, CPA, CFE, Principal On January 10, 2017, FASB issued an exposure draft to change the disclosure requirements of inventory. The proposed main provisions include required disclosures for: Disaggregating inventory by component (for example, raw materials, work-in-process, finished goods, and supplies). Note: While many companies...