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Your Guide to 2019 Accounting Changes
Posted by Paul Languirand on Mon, Dec 16, 2019 @ 12:49 PM

For 2019, public and private companies alike are grappling with major accounting updates from the Financial Accounting Standards Board (FASB). Public companies tackled the changes to the leasing standard, which required so much time and energy that the FASB agreed to push back the effective date for private companies. Meanwhile, private companies worked through the updates to the long-awaited revenue recognition changes under ASC Topic 606.

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Topics: accounting, Paul Languirand, audit, FASB, Financial Accounting Standards Board, Auditing Standards

What Auditor Form and Content Changes Mean for Your 2020 Audit
Posted by Paul Languirand on Tue, Sep 24, 2019 @ 03:51 PM

The AICPA’s Auditing Standards Board (ASB) recently released SAS No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements, which updates the form and content of a financial statement auditor’s report. Although fairly simple, the changes may make it easier for financial statement users to understand the results of the audit, as well as the auditor’s and management’s responsibilities. 

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Topics: accounting, Paul Languirand, audit, FASB, Financial Accounting Standards Board, Auditing Standards

Changes Coming to Accounting for Implementation Costs for Cloud-Based Software
Posted by Paul Languirand on Wed, Sep 26, 2018 @ 05:43 PM

Cloud-based software has grown in prevalence, and many companies find it an effective way to reduce upfront capital investment in software and outsource the upkeep of those systems. As technology has advanced, systems available on the cloud have increased in their size and complexity. These more complex systems have begun to require significant implementation costs in their own right to configure and integrate.

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Topics: accounting, goodwill, Paul Languirand, FASB, Financial Accounting Standards Board, Testing for Goodwill, Cloud-Based Software

Simplification? An Examination of Readily Determinable Fair Value
Posted by Paul Languirand on Wed, Jun 13, 2018 @ 11:42 AM

The Financial Accounting Standards Board (FASB)'s revised definition of readily determinable fair value (RDFV) may have in fact made the net asset value practical expedient more difficult to apply. In 2015, the FASB issued accounting updates addressing investments that calculate net asset value (NAV) per share, which, among other amendments, amended the definition of RDFV. Feedback received from financial statement preparers and users indicate that the intended clarification may have resulted in additional confusion rather than clarity regarding when a financial instrument is considered to have a RDFV. As a result, employee benefit plan advisors, financial statement preparers, and investors in entities with the impacted financial instruments may want to take a closer look at the issue, which could have an effect on their accounting for alternative investments.

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Topics: Paul Languirand, FASB, Fair Value, Financial Accounting Standards Board, Accounting Issues, net asset value, NAV

Tax Reform’s Top Accounting Issues
Posted by Paul Languirand on Thu, Mar 8, 2018 @ 03:05 PM

Much of the attention around tax reform has been on the tax side of the equation—the corporate tax cuts, the changes to business tax deductions, and the lower tax rates for individuals. But the tax law comes with accounting considerations as well that must be addressed earlier than you may expect.

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Topics: Paul Languirand, Tax Reform, Tax Cuts and Jobs Act, TCJA, Accounting Issues

Does Early Adoption of an Accounting Standard Make Sense for Your Company?
Posted by Paul Languirand on Tue, Mar 14, 2017 @ 07:04 AM

Many recent accounting standards updates (ASUs) have been written to simplify or clarify U.S. generally accepted accounting principles (GAAP) and have permitted early adoption. Early adopting some of these ASUs could streamline processes for the closing of year end and preparation of financial statements.

Our publication, Accounting Updates that Impact 2016 Financial Reporting, contains information about standards that are required to be adopted for year-end December 31, 2016 financial statements of both public and private companies.

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Topics: ASU, Paul Languirand, accounting standards

Will Revenue Recognition Changes Signal the End of Customer Loyalty Programs?
Posted by Paul Languirand on Tue, Sep 29, 2015 @ 06:30 AM

Impending accounting changes may mean more businesses decide to reconsider their customer loyalty programs. Initiatives that provide incentives to returning customers already require a careful balancing act between risk and reward. Though they allow companies to track client purchasing activity, customer loyalty programs can also trigger unclaimed property exposure, cybersecurity liabilities and other risks. The new revenue recognition guidelines, which begin to roll out in 2018, may tip the scale in the other direction and have more businesses deciding their customer loyalty programs are not worth the risk.

Businesses with customer loyalty programs or that are considering incentives for customers should review the current environment for loyalty programs and how that environment may change under Accounting Standards Update 2014-09 Revenue from Contracts with Customers (Topic 606) before they decide the fate of their program.

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Topics: Paul Languirand, Revenue recognition, customer loyalty programs

Development Stage Entities Removed From U.S. GAAP
Posted by Paul Languirand on Thu, Sep 4, 2014 @ 09:32 AM

The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-10 Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation, which eliminates development stage entities from U.S. generally accepted accounting principles (U.S. GAAP).

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Topics: ASU, GAAP, Paul Languirand, FASB

Final Revenue Recognition Standard Issued
Posted by Paul Languirand on Tue, Jun 17, 2014 @ 09:26 AM

The FASB's much-anticipated final standard on revenue recognition has been issued. FASB Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers: Topic 606, is the culmination of a joint project with the IASB which simultaneously issued IFRS 15, Revenue from Contracts with Customers. The issuance of these documents completes the joint effort by the FASB and the IASB to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and IFRS.

The new revenue recognition guidance affects all entities that either enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (e.g., insurance contracts or leasing contracts). This ASU will supersede the current revenue recognition requirements found in Topic 605, Revenue Recognition, and does away with most industry-specific guidance that has been developed over several decades.

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Topics: Paul Languirand, Revenue Recognition Standard, FASB

Lease Accounting Rules Likely to Change, but Not Immediately
Posted by Paul Languirand on Fri, Sep 27, 2013 @ 09:31 AM

Leasing assets is very common in a variety of fields, and for many companies that need certain assets, such as trucks, aircraft, real estate, manufacturing equipment and the like, leasing is key. Existing accounting models have been criticized by financial statement users for providing an incomplete picture of a company’s leasing activities. In order to provide greater transparency and a more accurate representation of leasing transactions, the International Accounting Standards Board (IASB) and the Financial Accounting Statements Board (FASB) recently released a revised proposal regarding accounting for leases.  While the revised proposal removes some of the controversial aspects of an earlier version, it would still lead to substantial change in lease accounting.

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Topics: Paul Languirand, lease accounting changes

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