The straight line

Category Archives: Fasb Statements

New Audit and Reporting Standards Issued

Dennis Gardiner, Managing Partner Our team members stay busy throughout the year completing the audit work and reports for you.  Along with staying on task, we have had a few new audit (AICPA) and reporting (FASB) standards to learn about and interpret as we ready ourselves for the upcoming audit season.  Here are the changes...

keep reading

Audit and Reporting Standards

Dennis Gardiner, CPA, Managing Partner Our audit staff have been busy addressing many of the new standards that are now effective, or will be soon.  The big reporting standard has been FASB ASC 842 Lease Accounting.  You should all be aware by now of the requirement that leases longer than 12 months be recorded as...

keep reading

FASB Delays – Dennis Gardiner, Managing Partner, CPA

Delayed…..again. On May 20, 2020, the FASB decided to extend the effective date of Topics 606, Revenue from Contracts with Customers (Revenue Recognition), and 842, Leases, for certain entities and has directed the staff to draft a final Accounting Standards Update (ASU) for vote. Revenue RecognitionFASB decided to amend the effective date of Revenue Recognition...

keep reading

FASB Delays – Blake Miller, CPA, CFE

With Accounting Standards Update (ASU) 2019-10, the FASB has effectively delayed three standards from their original implementation date. These standards with new effective dates are: ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU provides transitions from an incurred loss model to an expected loss model...

keep reading