BREAKING NEWS

Ohnuma Boosts BMF’s International Tax Services

We are pleased to announce the addition of Goshi Ohnuma, CPA, to our International Tax Services group. 

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Revenue Recognition Issue 4 – Identify Separate Performance Obligations

Contract accounting is extremely complex. As you work to implement the new revenue recognition standards, you need to review and document your customer contracts to determine which provisions within the contract provide for separate performance obligations (or deliverables) to. Read More >>

Revenue Recognition Issue 3 – Identify the Contract

Contracts can take many forms. Some contracts are formal, some are written agreements, some are in the form of purchase orders, and some may be just oral understandings. At the time of revenue recognition, you would need to assess. Read More >>

Revenue Recognition Issue 2 – Basics of Revenue Recognition: The 5 Step Approach

The Five Step Approach The new revenue recognition standards require the use of a five-step approach in determining how to recognize revenue on your financial statements. The five steps established by the rules are as follows: 1. Identify the. Read More >>

Revenue Recognition Issue 1 – Introduction to Revenue Recognition: Why You Should Care

    What is it? On May 28, 2014, accounting rule makers (FASB and IASB) adopted new standards for recognizing revenue in your financial statements from customer contracts. Revenue is the single largest line item in most companies’ financial. Read More >>

The Enemy Within: How can you prevent employee fraud?

Occupational, or employee, fraud is an ongoing hazard to businesses’ bottom lines. It can take several forms from skimming to billing schemes, corruption, and asset misappropriation. In their 2018 Report to the Nations, the Association of Certified Fraud Examiners. Read More >>

Lease Accounting: Not As Far Away As It Seems

With the massive changes coming to revenue recognition, it’s easy to forget that there are also some significant changes to lease accounting closely following. The new lease standard supersedes FASB ASC 840 and becomes effective for non-public companies for. Read More >>

Damage control: Surviving a business interruption

September 12, 2017 Client Advisor

Cash is a business’s lifeblood. Even companies that are highly profitable on paper can’t survive long without a healthy cash flow. That’s why a business interruption, such as one that might have been caused by recent hurricanes hitting Texas. Read More >>

Show Me the Money (and where it goes): The New Revenue Recognition Standards

There aren’t many instances when the accounting industry faces a game changer. But with the new Revenue Recognition Standard FASB has put in place, that’s exactly what every company will experience in its day-to-day accounting practices. To make sense. Read More >>

FASB Announces One-Step Testing for Goodwill Impairment

February 9, 2017 Client Advisor

In January 2017, the Financial Accounting Standards Board (FASB) issued additional revised guidance for goodwill impairment testing that’s intended to make the process easier and less costly. The latest amendments, found in Accounting Standards Update (ASU) No. 2017-04, Intangibles. Read More >>

Know Your Customers Before You Extend Credit

January 10, 2017 Client Advisor

The funny thing about customers is that they can keep you in business — but they can also put you out of it. The latter circumstance often arises when a company overly relies on a few customers that abuse. Read More >>