blog updates

Follow KSM
Search

KSM blog

Entries by justin-hayes

Prev 1 2 3 ... 10 Next

Accounting Updates for Government Entities: GASB Statement No. 87, Leases

Posted 6:30 PM by
The Governmental Accounting Standards Board (GASB) has created a single approach to accounting for and reporting of leases with the issuance of GASB Statement No. 87, Leases (Statement 87). State and local governments should expect Statement 87 to have a significant impact on their financial statements.
link
| comments (0)

Proposed Accounting Standards Update - In-Kind Contribution Reporting

Posted 1:45 PM by
The Financial Accounting Standards Board (FASB) has issued the Proposed Accounting Standards Update Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets (Exposure Draft), which would impact the presentation and disclosure of contributed nonfinancial assets, also known as gifts-in-kind (in-kind donations), if the proposed changes are finalized.
link
| comments (0)

Accounting Update for Not-for-Profit Entities: Leases

Posted 3:00 PM by
In February 2016, the Financial Accounting Standards Board (FASB) issued one of the most sweeping changes to generally accepted accounting principles in the United States (GAAP) – Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). The new lease accounting standards and subsequent amendments require lessees to report all leases with a term greater than 12 months, including operating leases, on the statement of financial position.
link
| comments (0)

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).
link
| comments (0)

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.
link
| comments (0)

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.
link
| comments (0)

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.
link
| comments (0)

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.
link
| comments (0)

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.
link
| comments (0)

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.
link
| comments (0)
Prev 1 2 3 ... 10 Next