Accounting Methods for Private Companies

Businesses need financial information that’s accurate, relevant, and timely. The Securities and Exchange Commission requires publicly traded companies to follow U.S. Generally Accepted Accounting Principles (GAAP), often considered the “gold standard” in financial reporting in the United States. But [...]

By |2021-06-21T09:51:19-04:00June 18th, 2021|Categories: Audit, Blog|Tags: , , , , , , |Comments Off on Accounting Methods for Private Companies

Accounting Estimates in Uncertain Times

In today’s unprecedented market conditions, it can be challenging to predict metrics that underlie your company’s accounting estimates. Examples of key “unknowns” include how much longer certain pandemic issues will continue, how federal stimulus spending will affect the economy [...]

By |2021-06-11T12:43:27-04:00June 11th, 2021|Categories: Audit, Blog|Tags: , , , |Comments Off on Accounting Estimates in Uncertain Times

Getting Your Ducks in a Row Before an IPO

Along with providing an infusion of capital to a growing company, going public brings strict financial reporting and compliance requirements that need to be in place well before the offering. To meet investor expectations for a timely closing and [...]

By |2021-06-08T19:00:20-04:00June 8th, 2021|Categories: Audit, Blog, Consulting, Internal Audit, Kevin Shives, Sarbanes-Oxley Compliance, Technology|Tags: , , , , , , , , , |Comments Off on Getting Your Ducks in a Row Before an IPO

Time Off Liabilities

Liabilities for unused time off mount as pandemic lingers During the pandemic, many employees have postponed using their allotted paid time off until COVID-related restrictions are lifted and safety concerns subside. This situation has caused an increase in accruals [...]

By |2021-04-30T11:23:30-04:00April 30th, 2021|Categories: Audit, Blog, COVID-19|Tags: , , , , , |Comments Off on Time Off Liabilities

Accounting for Business Combination

Accounting for business combinations If your company is planning to merge with or buy another business, your attention is probably on conducting due diligence and negotiating deal terms. But you also should address the post-closing financial reporting requirements for [...]

By |2021-04-23T12:48:46-04:00April 23rd, 2021|Categories: Audit, Blog|Tags: , , , , , , |Comments Off on Accounting for Business Combination

FASB 2021 Agenda

What’s on the FASB’s 2021 agenda? In December 2020, Richard Jones stepped up as chairman of the Financial Accounting Standards Board (FASB). After meeting with stakeholders in early 2021, Jones identified a list of high-priority projects that he plans [...]

By |2021-04-16T11:58:11-04:00April 16th, 2021|Categories: Audit, Blog, GAAP|Tags: , , , , , , |Comments Off on FASB 2021 Agenda

Reporting Profit Interest Awards

Reporting profits interest awards During the pandemic, cash has been tight for many small businesses, which may make it hard to attract and retain skilled workers. In lieu of providing cash bonuses or annual raises, some companies may decide [...]

By |2021-04-09T12:01:56-04:00April 9th, 2021|Categories: Audit, Blog|Tags: , , , , , , , , |Comments Off on Reporting Profit Interest Awards

Updated Guidance for Impairment Testing

Updated guidance for impairment testing: When to consider triggering events On March 30, the Financial Accounting Standards Board (FASB) published an updated accounting standard on events that trigger an impairment test under U.S. Generally Accepted Accounting Principles (GAAP). This [...]

By |2021-04-02T12:11:21-04:00April 2nd, 2021|Categories: Audit, Blog, COVID-19|Tags: , , , , , |Comments Off on Updated Guidance for Impairment Testing

Four Ways to Improve the Effectiveness of your Audit Committee

Audit committees face many challenges in 2021. As the economy rebounds from the COVID-19 pandemic, there are new dimensions to the oversight roles and responsibilities of the audit committees. Consider taking these following four steps to fortify your committee’s [...]

By |2021-04-20T17:14:17-04:00March 26th, 2021|Categories: Audit, Blog|Tags: , , , , |Comments Off on Four Ways to Improve the Effectiveness of your Audit Committee

How Auditors Assess Cyber Risks

Data security is a critical part of the audit risk assessment. If your financial statements are audited, your audit team will tailor their procedures to answer critical questions about cyber risks and the effectiveness of your internal controls. While conducting [...]

By |2021-03-22T12:59:54-04:00March 19th, 2021|Categories: Audit, Blog, Technology|Tags: , , , , |Comments Off on How Auditors Assess Cyber Risks
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