Audit & Accounting

Healthcare Organizations Need to Prepare for Revenue Recognition Changes

By Linda Marie Pearson, CPA, CFE The implementation of FASB’s Accounting Standards Update (ASU) No. 2014-09, Revenue From Contracts with Customers (Topic 606) will affect how healthcare organizations recognize revenues. The purpose of the change is to eliminate industry specific revenue recognition rules and establish a universal rule for...

Delayed Implementation Date for Some

The Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2017-13, Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842) which allows for a later adoption of the revenue and lease ASU's. This option is made only to businesses...

FASB to Amend U.S. GAAP for Classifying Debt

- by Linda Marie Pearson, CPA, CFE In September 2017, FASB agreed to amend U.S. GAAP with respect to classification of debt.  Under the forthcoming update, if a liability is due to be settled more than one year or more than one operating cycle after the balance sheet date,...

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...