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Business Impacts to New England Professional Services Companies: Follow-Up Survey Results
Posted by Bob Smith and Kevin Higgins on Tue, Mar 30, 2021 @ 04:38 PM

The coronavirus pandemic has continued to create unparalleled levels of uncertainty across the U.S. economy and business community. In response, we conducted a follow-up survey of some of the top professional services companies, alongside other private companies, in the Greater Boston area to determine how the impact of COVID-19 has shifted since June, and gauge how local leaders are currently responding to the pandemic.

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Topics: private companies, private company, Bob Smith, survey, Kevin Higgins, COVID19, Coronavirus, Coronavirus Aid, Relief, and Economic Security Act, American Rescue Plan (ARP) Act, ARP Act

2021 Accounting Preview
Posted by Kevin Higgins on Thu, Mar 25, 2021 @ 03:03 PM

As we start a new year, it is important to look ahead to those upcoming accounting standards to plan for their application. Whether a company is a public company that must be prepared for first quarter interim reporting or a private company that needs to plan for its year-end financial statements, accounting standards take time to work through and implement, so it’s advisable to have a roadmap of what changes will affect financial reporting.

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Topics: accounting, private company, Kevin Higgins, COVID19, Coronavirus

Business Impacts to New England Private Companies: Follow-Up Survey Results
Posted by Tarra Curran and Larry Kaplan on Thu, Mar 11, 2021 @ 12:59 PM

The coronavirus pandemic has continued to create unparalleled levels of uncertainty across the U.S. economy and business community. In response, we conducted a follow-up survey of some of the top private companies in the Greater Boston area to determine how the impact of COVID-19 has shifted since June, and gauge how local financial leaders across various industries are currently responding to the pandemic.

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Topics: Tarra Curran, Larry Kaplan, private companies, private company, survey, COVID19, Coronavirus, Coronavirus Aid, Relief, and Economic Security Act, American Rescue Plan (ARP) Act, ARP Act

COVID-19’s Impact on New England Private Companies: Survey Results
Posted by Tarra Curran and Larry Kaplan on Tue, Jul 21, 2020 @ 11:59 AM

Over the last few months, we have seen unparalleled uncertainty in the economy and for companies across the world. In response, we conducted a survey to measure the pulse of financial leaders of private companies in New England as they react to the COVID-19 pandemic.

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Topics: Tarra Curran, Larry Kaplan, private companies, private company, survey, COVID19, Coronavirus, Coronavirus Aid, Relief, and Economic Security Act

It’s Not Too Early to Start Thinking About 2019 Financial Statement Reporting
Posted by Peter Gold on Mon, Mar 18, 2019 @ 10:39 AM

As you wrap up your 2018 financial reporting and move into 2019, you may want to take stock of the changes that will come into effect in 2019. For public companies, the long awaited changes to revenue recognition are being applied. Private companies have several small modifications that may make their reporting a little easier.

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Topics: private company, FASB, public company, Financial Accounting Standards Board, Peter Gold, Financial Statement

Important Revenue Recognition Questions as the Private Company Deadline Draws Closer
Posted by David Lewin on Tue, Jun 26, 2018 @ 04:13 PM

As the effective date of the new revenue standard draws nearer and implementation becomes imminent for non-public entities within its scope, management should be aware of some important areas that their auditors will be focusing on in the upcoming months.

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Topics: private companies, private company, FASB, Revenue recognition, David Lewin, Financial Accounting Standards Board, ASC Topic 606, Revenue from Contracts with Customers

Accounting for Certain Interest Rate Swaps for Private Companies Simplified
Posted by Joyce Masse Troy on Wed, Mar 19, 2014 @ 08:35 PM

In January 2014, the FASB released Accounting Standard Update 2014-03 Derivatives and Hedging (Topic 815): Accounting for Certain Receive – Variable, Pay – Fixed Interest Rate Swaps (ASU 2014-03). ASU 2014-03 is the second standard issued by the FASB upon endorsement of a consensus of the Private Company Council that is specifically designed to meet the needs of private companies by providing an alternative within US GAAP.

The Issue

Companies that are unable to borrow at fixed rates often rely on variable-rate debt combined with an interest rate swap. In effect, they receive variable rates and pay fixed rates. The net effect is similar to borrowing at fixed rates. But the accounting and disclosure requirements are considerably more complex when an interest rate swap is involved.

Current accounting standards require companies to recognize all their derivative instruments (including interest swaps) on their balance sheets as assets or liabilities and to measure them at fair value. The standards allow companies to mitigate the income statement effect of any swings in fair value attributable to interest rate risks by applying an accounting method known as "cash flow hedge" accounting. This technique has the effect of presenting interest expense in the income statement as if the company had a fixed rate debt. But some entities, especially private companies, have expressed concerns about the practical difficulties involved in applying the current standards.

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Topics: private companies, private company, Joyce Masse Troy, FASB

Guidance for Privately–Held Companies on Why, When and How to Find a New Audit Firm
Posted by Marc Busny on Mon, Mar 25, 2013 @ 09:17 AM

Advice from CBIZ Tofias & Mayer Hoffman McCann on Identifying Potential Firms

In today’s competitive environment, CEOs, CFOs and company Board members have likely been contacted and wooed by numerous audit firms. Once you have decided to change audit firms, these firms should be the first group to consider in determining who is invited to bid on your audit work. They have shown an interest in working with your company, and likely already know something about your needs.

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Topics: private company, audit, new audit firm, Marc Busny

Why, When and How to Find a New Audit Firm
Posted by Marc Busny on Tue, Feb 26, 2013 @ 09:17 AM

A Guide for Privately-Held Companies from the Experts at CBIZ Tofias & Mayer Hoffman McCann

Not many companies want to go through the process of changing audit firms. But when change is necessary, the process can be approached with more confidence if there is a clear plan and if all stakeholders, including the company’s finance executives and Audit Committee or Board members, understand their roles in the process.

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Topics: private company, audit, new audit firm, Marc Busny

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