If you run a business, you lease equipment or real estate.
The new accounting standard for revenue recognition (ASC 606), which goes into effect early next year for privately held companies is just an accounting change, right? Not at all.
While there is no magic formula for transitioning a company from “fact finding” to the “CECL sanctioned” state, we have outlined an adoption roadmap that can be tailored for the idiosyncrasies inherent in every business.
On January 5, 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, to address certain aspects of recognition, measurement, presentation and disclosure of financial instruments that are marked to fair value and reported as available-for-sale (“AFS”).
With financial statement audits for 2015 well underway, our team at CFGI has assembled a few best practice tips to successfully manage your audits: Proactively manage the audit, align on timeline and goals, check in on the status in a recurring meeting Prominently distribute the key milestone calendar including disclosure and audit committee meetings Prepare… More
During 2015, the Financial Accounting Standards Board (FASB) released two Accounting Standards Updates (ASU) that impact the way companies account for business combinations.
Beginning in 2015, private companies will need to make an accounting election to either begin amortizing goodwill or disclose the election to continue the historical process of assessing goodwill through an annual impairment test.
In 2014, the FASB issued several new standards that will impact companies in future periods.