Last week, the Financial Accounting Standards Board issued Accounting Standard Update (ASU) 2016-1, Recognition and Measurement of Financial Assets and Financial Liabilities, which addresses classification and measurement of financial instruments acc...

How do I make my audit more efficient? Prior to the start of any audit, you’ll receive a list of required items and due dates. Pay close attention to these dates and let your auditor know if you’re unable to meet them. Bring company records to da...

The Financial Accounting Standard Board (FASB) issued an Accounting Standard Update (ASU) that eliminated from generally accepted accounting principles (GAAP) the concept of extraordinary items as separate non-operating events. GAAP currently require...

The concept of materiality is quite a complex one. Defined as a “threshold above which missing or incorrect information in a financial statement is considered to have an impact on the decision making of users”, the concept is vulnerable to subjec...

More and more non-profits are turning to events as a major source for generating funds. As if event planning isn’t complicated enough, organizations also must properly present the associated revenues and costs in their financial reporting. To help,...

If I’m considering selling my businesses, should I have an independent audit of my financial statements completed to help add value to the sale price? In my experience, when privately held business owners go to sell or transition their business, th...

The Financial Accounting Standard Board (FASB) announced a new approach would be used to measure inventory in an effort to reduce complexity related to subsequent measurements. The new Accounting Standards Update (ASU) 2015-11, Inventory (Topic 330),...

Citing challenges for financial statement preparers to implement the new revenue model, the Financial Accounting Standards Board (FASB) announced earlier this month it voted to approve a proposed one-year deferral of the effective date of Accounting ...