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Entries by Justin Hayes

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Accounting Update for Not-for-Profit Entities: Revenue Recognition

Posted 2:00 PM by
Not-for-Profit Services Group to help organizations navigate and understand Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606).
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Standards Update: 8/22/19

Posted 5:27 PM by
The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP). Below is a select ASU that was recently issued.
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Governmental Accounting Standards Update: 7/9/19

Posted 2:00 PM by
The Governmental Accounting Standards Board (GASB) has issued Statement No. 91, Conduit Debt Obligations to improve the existing standards by providing a single method for government issuers to report conduit debt obligations and related commitments and to eliminate diversity in practice associated with reporting conduit debt obligations.
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Governmental Accounting Standards Update: 4/24/19

Posted 12:40 PM by
The Governmental Accounting Standards Board (GASB) regularly issues GASB statements to set accounting and financial reporting standards for state and local governments that follow generally accepted accounting principles in the United States (U.S. GAAP). Below are select statements that were recently issued.
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Leasing Standards Overhauled: An Overview of ASC Topic 842

Posted 4:20 PM by
The deadline for private companies to implement the Financial Accounting Standards Board’s (FASB) new lease standard (ASC 482) is quickly approaching. Entities with leasing activities must begin assessing the new standard and determining the impact it will have, including the potential impact to debt covenants. Additionally, entities must ensure that they have strong systems and processes in place for the implementation of this new guidance.
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Governmental Accounting Standards Update: 3/21/19

Posted 8:22 PM by
The Governmental Accounting Standards Board (GASB) has issued Statement No. 87, Leases, in an effort to provide information that is more relevant and consistent related to the reporting of leases by governments. Effective for reporting periods after Dec. 15, 2019, this statement requires lessees to recognize a lease liability and a right-to-use asset for all leases regardless of classification. It also requires a lessor to recognize a lease receivable and a deferred inflow of resources.
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Quality of Earnings Engagements Provide Confidence in ESOP Transactions

Posted 12:30 PM by
When an owner decides to sell his or her company to an Employee Stock Ownership Plan (ESOP) trust, one of the most impactful factors in the transaction is the company’s value. The ESOP trustee establishes the company’s value, which affects the total transaction price. It is vital that the price is as close to the company’s actual value as possible so the seller is compensated appropriately and the participants of the ESOP are not overpaying for the company.
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Principal Versus Agent: Which Are You?

Posted 5:00 PM by
The Financial Accounting Standards Board (FASB) has implemented one of the most extensive changes to revenue recognition standards in its history with the issuance of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. As entities address and apply the standard’s provisions, one key element they must determine is how to report their revenues. Entities can report revenue at the gross amount of consideration they expect to receive (with associated fees presented as a cost) or on a net basis, which is the gross amount of consideration less any fee or commission directly related to the obligations.
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Implementing Revenue Recognition for Your Private Company

Posted 6:45 PM by
Implementation of the new revenue recognition standard, Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, is almost here. For a private company, the standard will go into effect for calendar years beginning after Dec. 15, 2018. As such, companies should begin assessing now the impact of the new guidance.
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Revenue Recognition Changes Are Here. Is Your Manufacturing Company Ready?

Posted 1:00 PM by
In recent years, the Financial Accounting Standards Board (FASB) received feedback that revenue recognition guidance was fragmented at best, confusing at worst. This is significant considering revenue is the key measurement used to determine a manufacturing company’s performance. In response to this feedback, the FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, in May 2014, and subsequently amended it. This is the most significant revision to U.S. Generally Accepted Accounting Principles (U.S. GAAP) revenue recognition standards in history.
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