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...

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...

On April 8, 2020 the Financial Accounting Standards Board (FASB) proposed delaying the effective date for private companies lease accounting, ASC Topic 842 with a 15 day comment period because of the challenges related to the Coronavirus pandemic.  If the delay is adopted, the effective date for ASC Topic 842 will be deferred from, fiscal...

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...

Don’t get too excited, there’s no word yet. But, on May 13, 2019, an AICPA committee asked FASB to delay the private company implementation date of its new lease accounting standard, citing overload for private company financial statement preparers. In the meantime, we are continuing to research this topic, its implementation and canvas third-party software...

In July 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update ASU 2015-11 – Simplifying the Measurement of Inventory as part of the Board’s Simplification Initiative. Under previous guidance, an entity subsequently measures inventory at the lower of cost or market; market being defined as replacement cost. Under ASU 2015-11, inventory is measured...