New Law Provides Option to Delay Implementing the Updated CECL Standard

The Consolidated Appropriations Act (CAA), signed into law on December 27, 2020, includes a variety of economic relief measures. One such measure allows certain banks and credit unions to temporarily postpone implementation of the controversial current expected credit loss (CECL) [...]

By |2021-01-11T13:18:41-05:00January 11th, 2021|Categories: Audit, Blog|Tags: , , , , , , |Comments Off on New Law Provides Option to Delay Implementing the Updated CECL Standard

Improving Restriction Tracking and Revenue Recognition for Nonprofits

Tracking donor restrictions and understanding the implications of those restrictions on revenue recognition are common challenges for nonprofits — especially if they try to manage these important metrics with spreadsheets. Updated revenue recognition standards for nonprofits issued as part [...]

By |2020-11-02T23:39:57-05:00November 3rd, 2020|Categories: Blog, Cloud Technology, Consulting, Kevin Shives, Nonprofit, Sage Intacct, Software Solutions|Tags: , , , , , |Comments Off on Improving Restriction Tracking and Revenue Recognition for Nonprofits

FASB to Delay Long-Term Insurance Standard … Again

On September 30, the Financial Accounting Standards Board (FASB) finalized a rule to delay the effective date of the updated long-term insurance standard for a second time. The deferral will give insurers more time to properly implement the changes [...]

By |2020-11-10T13:48:31-05:00October 9th, 2020|Categories: Audit, Blog|Tags: , , , , , |Comments Off on FASB to Delay Long-Term Insurance Standard … Again

Gifts In Kind: New Reporting Requirements for Nonprofits

On September 17, the Financial Accounting Standards Board (FASB) issued an accounting rule that will provide more detailed information about noncash contributions charities and other not-for-profit organizations receive known as “gifts in kind.” Here are the details. Need for Change [...]

By |2020-10-06T13:33:26-04:00October 6th, 2020|Categories: Audit, Blog|Tags: , , , , , , |Comments Off on Gifts In Kind: New Reporting Requirements for Nonprofits

Reporting COVID-19-Related Debt Restructurings

Today, many banks are working with struggling borrowers on loan modifications. Recent guidance from the Financial Accounting Standards Board (FASB) confirms that short-term modifications due to the COVID-19 pandemic won’t be subject to the complex accounting rules for troubled [...]

By |2020-10-02T14:29:04-04:00September 18th, 2020|Categories: Audit, Blog|Tags: , , , , , |Comments Off on Reporting COVID-19-Related Debt Restructurings

Reporting Embedded Leases

In 2016, the Financial Accounting Standards Board (FASB) published guidance that requires major changes to how leases are reported on financial statements. One area of the guidance that’s especially complicated relates to “embedded” leases. Updated guidance Organizations are required [...]

By |2020-07-10T14:10:11-04:00July 10th, 2020|Categories: Audit, Blog, COVID-19|Tags: , , , |Comments Off on Reporting Embedded Leases

Revenue Recognition and Leases: FASB Gives Certain Entities More Time

Private companies and most nonprofits were supposed to implement updated revenue recognition guidance in fiscal year 2019 and updated lease guidance in fiscal year 2021. In the midst of the novel coronavirus (COVID-19) crisis, the Financial Accounting Standards Board [...]

By |2020-06-09T18:28:05-04:00May 29th, 2020|Categories: Blog, COVID-19, Tax|Tags: , , |Comments Off on Revenue Recognition and Leases: FASB Gives Certain Entities More Time

Nonprofits: Are you Ready for the New Contribution Guidance?

When the Financial Accounting Standards Board (FASB) updated its rules for recognizing revenue from contracts in 2014, it only added to the confusion that nonprofits already had about accounting for grants and similar contracts. Fortunately, last year, the FASB provided [...]

By |2019-12-27T13:45:05-05:00December 27th, 2019|Categories: Blog, Small Business Services, Tax|Tags: , , , , , |Comments Off on Nonprofits: Are you Ready for the New Contribution Guidance?

Time to Celebrate! FASB Expands VIE Exception for Private Companies

The Financial Accounting Standards Board (FASB) recently gave private companies long-awaited relief from one of the most complicated aspects of financial reporting — consolidation of variable interest entities (VIEs). Here are the details. Old rules Accounting Standards Codification (ASC) [...]

By |2020-01-03T19:52:00-05:00January 2nd, 2019|Categories: Blog, Tax|Tags: , |Comments Off on Time to Celebrate! FASB Expands VIE Exception for Private Companies

Public vs. Private Companies: When Should Different Accounting Rules Apply?

Small private companies often criticize the Financial Accounting Standards Board (FASB) for writing overly complex standards that focus on the needs of stakeholders in large public companies rather than “Main Street” businesses. Here’s how the FASB has addressed these [...]

By |2018-04-24T18:54:21-04:00April 24th, 2018|Categories: Blog|Tags: , , , , , |Comments Off on Public vs. Private Companies: When Should Different Accounting Rules Apply?
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