When it comes time to prepare for an audit, it’s easy to get overwhelmed. With the current COVID-19 health crisis, many auditors are still working remotely, creating an unprecedented need for remote audits. While auditing remotely sounds difficult,...

With the passing of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) comes additional challenges for many companies from an accounting and reporting perspective. The act included many provisions, such as grants, employer retention c...

The AICPA Auditing Standards Board recently voted to defer the effective date of Statements on Auditing Standards (SAS), including SAS No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, in re...

The Financial Accounting Standards Board (FASB) updated the effective dates for several major Accounting Standards Update (ASUs), including for leases, credit losses and hedging by issuing ASU 2019-10 recently. Below is an overview: Leases (Topic 842...

New accounting rules related to credit losses (CECL), leases and hedging standards and their adoption requirements have created a considerable burden for private companies and non-profits to comply with the new rules. However, earlier this month the ...

With the new lease accounting standards scheduled to go into effect in January 2020 for private companies, the American Institute of CPAs (AICPA) issued a request to the Financial Accounting Standards Board to delay this implementation date by one ye...

Credit unions and community banks that sponsor either a defined benefit pension and/or other post-retirement benefit plan (“DBP” or “PRBP”) may be impacted by Accounting Standards Update (ASU) Topic 715, Compensation – Retirement Benefits. ...

New revenue recognition standards for privately held companies is just around the corner, with the new model for reporting revenue from contracts going into effect Jan. 1, 2019. ASC 606 – Revenue From Contracts with Customers (ASC 606) virtually el...