Latest Thinking: Audit & Accounting

Changes to the Requirement for Consolidating VIEs

September 23, 2020 in Audit & Accounting

AICPA Releases PPP Loan Forgiveness Calculator

September 23, 2020 AICPA Releases PPP Loan Forgiveness Calculator The AICPA has released a PPP loan forgiveness calculator. The Excel workbook is based on the most recent regulations and also…
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August 26, 2019 in Audit & Accounting, Construction, Healthcare, Manufacturing & Distribution, Nonprofits, Professional Services, Retail

Delaying Effective Dates for Leases, Hedging, and Credit Losses

August 27, 2019 Delaying Effective Dates for Leases, Hedging, and Credit Losses Lease Standard (ASU 2016-02, Leases; FASB Accounting Standards Codification 842) The FASB tentatively decided (subject to comments received…
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November 1, 2018 in Audit & Accounting, Construction & Related Services, General, Healthcare, Manufacturing & Distribution, News Archive, Recent News & Events, Retail

Changes to the Requirement for Consolidating VIEs

November 1, 2018 Changes to the Requirement for Consolidating VIEs By Linda Marie Pearson, CPA, CFE, Principal FASB has just amended the FASB Accounting Standards Codification (ASC) related to the…
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May 17, 2018 in Audit & Accounting, Not-for-Profits, Recent News & Events

Clarifying Donor Restrictions

May 17, 2018 Clarifying Donor Restrictions New Reporting of Net Assets Starting Soon New rules set to take effect for the fiscal year beginning after Dec. 15, 2017 (with early…
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May 7, 2018 in Audit & Accounting, Recent News & Events

How Can Audit Techniques Guides Prepare You for an Audit?

May 7, 2018 How Can Audit Techniques Guides Prepare You for an Audit? IRS Audit Techniques Guides Provide Clues to What May Come Up if Your Business is Audited IRS…
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February 16, 2018 in Audit & Accounting, Not-for-Profits, Recent News & Events

The New Nonprofit Liquidity Disclosures

February 16, 2018 The New Nonprofit Liquidity Disclosures Accounting Standards Update 2016-14 “Liquidity worries haunt nonprofits,” intoned CFO Magazine in a 2009 headline. At that time, not-for-profit organizations were scaling…
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February 15, 2018 in Audit & Accounting, Construction & Related Services, Manufacturing & Distribution, Professional Services, Recent News & Events

FASB Improves Accounting Related to the Tax Cuts & Jobs Act

February 15, 2018 FASB Improves Accounting Related to the Tax Cuts & Jobs Act The Financial Accounting Standards Board (FASB) addressed an accounting issue created by the Tax Cuts &…
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December 4, 2017 in Audit & Accounting, Healthcare, Recent News & Events

Help for Health Care Entities’ Financial Reporting Requirements

December 4, 2017 Help for Health Care Entities’ Financial Reporting Requirements For Health Care Entities structured as a not-for-profit organization, the AICPA has recently released guidance for implementing FASB Accounting…
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November 2, 2017 in Audit & Accounting, Employee Benefit Plans, Healthcare, Recent News & Events

Healthcare Organizations Need to Prepare for Revenue Recognition Changes

November 2, 2017 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…
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October 5, 2017 in Audit & Accounting, Construction & Related Services, Healthcare, Manufacturing & Distribution, Not-for-Profits, Recent News & Events, Retail

Delayed Implementation Date for Some

October 5, 2017 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…
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September 6, 2017 in Audit & Accounting, Manufacturing & Distribution, Recent News & Events

Healthcare Summit Presented by RIMA

September 6, 2017 Healthcare Summit Presented by RIMA Rhode Island Manufacturers Association (RIMA) is hosting a Healthcare Summit on September 14, 2017 from 7:30 am to 10:00 am at the…
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August 10, 2017 in Audit & Accounting, Construction & Related Services, Healthcare, Manufacturing & Distribution, Not-for-Profits, Professional Services, Recent News & Events, Retail

AICPA Addresses Three Revenue Recognition Implementation Issues

August 10, 2017 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,…
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January 20, 2017 in Audit & Accounting, Construction & Related Services, General, Healthcare, Manufacturing & Distribution, Not-for-Profits, Professional Services, Recent News & Events, Retail

FASB Proposes to Simplify the Classification of Debt

January 20, 2017 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…
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January 19, 2017 in Audit & Accounting, Construction & Related Services, General, Manufacturing & Distribution, Not-for-Profits, Recent News & Events, Retail

FASB Focuses on Inventory Disclosures

January 19, 2017 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…
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May 26, 2016 in Audit & Accounting, Business Services & Solutions, Construction & Related Services, Healthcare, Manufacturing & Distribution, Not-for-Profits, Professional Services, Recent News & Events, Retail

Accounting for Goodwill to Change

May 26, 2016 Accounting for Goodwill to Change By Linda Marie Pearson, CPA, CFE Does your entity have goodwill on its balance sheet? If so, a change simplifying the accounting…
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May 19, 2016 in Audit & Accounting, Business Services & Solutions, Construction & Related Services, General, Healthcare, Manufacturing & Distribution, Professional Services, Recent News & Events, Retail

The Overtime Rule

May 19, 2016 The Overtime Rule By Linda Marie Pearson, CPA, CFE   On May 18, 2016, the U.S. Department of Labor (DOL) published final regulations defining those employees exempt…
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March 8, 2016 in Audit & Accounting, Construction & Related Services, General, Healthcare, Manufacturing & Distribution, Not-for-Profits, Professional Services, Recent News & Events, Retail

Changes to Lease Recognition

March 8, 2016 Changes to Lease Recognition By Linda Marie Pearson, CPA, CFE Financial Accounting Standards Board (FASB) has just amended the FASB Accounting Standards Codification (ASC) related to leases.…
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January 18, 2016 in Audit & Accounting, Construction & Related Services, General, Healthcare, Manufacturing & Distribution, Not-for-Profits, Professional Services, Recent News & Events, Retail

Executive Sessions: What They Are and Why You Should Have Them

January 18, 2016 Executive Sessions: What They Are and Why You Should Have Them By Linda Marie Pearson, CPA, CFE A private conversation among board members seems to contradict the…
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November 23, 2015 in Audit & Accounting, Construction & Related Services, General, Healthcare, Manufacturing & Distribution, Professional Services, Recent News & Events, Retail

FASB Simplifies Balance Sheet Presentation of Deferred Taxes

November 23, 2015 FASB Simplifies Balance Sheet Presentation of Deferred Taxes FASB issues Accounting Standards Update (ASU) No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes simplifying…
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September 1, 2015 in Audit & Accounting, Construction & Related Services, Healthcare, Manufacturing & Distribution, Not-for-Profits, Recent News & Events

Proposed Change to Revenue Recognition Standard

September 1, 2015 Proposed Change to Revenue Recognition Standard By Linda Marie Pearson, CPA, CFE The Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (ASU) to…
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July 15, 2015 in Audit & Accounting, Construction & Related Services, General, Healthcare, Manufacturing & Distribution, Not-for-Profits, Professional Services, Recent News & Events, Retail

Revenue Recognition Rules Delayed

July 15, 2015 Revenue Recognition Rules Delayed FASB Votes to Delay Implementation of Revenue Recognition Rules At a meeting held on July 9, 2015, FASB voted to approve a one-year…
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April 23, 2015 in Audit & Accounting, General, Healthcare, Not-for-Profits, Recent News & Events

Changes to Not-for-Profit Financial Statements

April 23, 2015 Changes to Not-for-Profit Financial Statements FASB Releases Proposed ASU to Change Not-for-Profit & Health Care Entities’ Presentation of Financial Statements Written by Linda Marie Pearson, CPA, CFE,…
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April 2, 2015 in Audit & Accounting, Construction & Related Services, General, Healthcare, Manufacturing & Distribution, Not-for-Profits, Professional Services, Recent News & Events, Retail

FASB Agrees to Delay Implementation of Revenue Recognition Rules

April 2, 2015 FASB Agrees to Delay Implementation of Revenue Recognition Rules At a meeting held on April 1, 2015, FASB verbally agreed to delay the required effective date of…
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