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Articles & Publications

FASB Approves Delay for 3 Accounting Standards: Leases, Credit Losses, Hedging Dates Deferred

After a unanimous vote on Wednesday, the Financial Accounting Standards Board (FASB) approved proposals to delay the effective dates for three of its major accounting standards: leases, credit losses and hedging. As we reported back in July, the FASB. Read More >>

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Department of Labor Raises Pay Threshold for Exempt Workers to $35K

1.3 million American workers now eligible for overtime pay Earlier this week, the Department of Labor (DOL) issued the final overtime rule to make an additional 1.3 million American workers eligible for overtime pay. The ruling updates earning thresholds. Read More >>

Revenue Recognition Standards Implementation – Deadline and Alternate Option

September 5, 2019 Client Advisor

The Financial Accounting Standards Board’s (FASB) new revenue recognition standards will not only affect public companies, but also many private companies whose lenders or investors require them to follow generally accepted accounting principles (GAAP). If your organization is one. Read More >>

FASB Proposes Delay on 4 Major Accounting Changes

What’s Going On The Financial Accounting Standards Board (“FASB”) recently voted on a proposal to delay the effective dates for four significant standards related to accounting for leases, credit losses, derivatives and hedging, and long-duration insurance contracts. The proposal. Read More >>

Disaster Planning: Plan for the Possible

  “One cannot plan for the unexpected.” – Aaron Klug   According to the Institute for Business and Home Safety, an estimated 25% of businesses don’t reopen following a major disaster. The Federal Emergency Management Association (FEMA) paints an. Read More >>

Cash is King: Lessons Learned from Economic Downturns

When the stock market took a precipitous plunge this past December, there was immediate chatter on the possibility of sliding into another recession. It occurred to me that not only have we gone nearly ten years without a recession,. Read More >>

Revenue Recognition Issue 13 – Footnote Disclosures

The finale of our series. At the beginning of this series, we mentioned that revenue is the single largest line item in most companies’ financial statements, and yet when you look at footnote disclosures, you will see that in. Read More >>

Revenue Recognition Issue 12 – Special Focus: Nonprofit

The good news for nonprofits is that contribution revenue was determined by the accounting standard setters to be “out of scope” for these new standards. Accordingly, no assessment of contribution revenues is required; however, these organizations don’t just get. Read More >>

Revenue Recognition Issue 11 – Special Focus: Service

The Service Industry can be complicated in terms of revenue recognition. In professional services, contracts (whether express or implied) may provide that contractors can bill by the hour or by the project, and terms may allow for progress billing. Read More >>

Revenue Recognition Issue 10 – Special Focus: Distribution

Companies that focus their efforts strictly in distribution may not think there is much change that could be required to their methods of revenue recognition. After all, they just take someone else’s product and ship it to their own. Read More >>