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Assurance

Recognition of Breakage Revenue Under the New Revenue Recognition Standard

Posted 2:01 PM by
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, as subsequently amended, which resulted in the most significant revision to revenue recognition standards that GAAP has ever seen. One significant impact from ASU 2014-09 relates to the recognition of breakage revenue.
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Financial Reporting for Tax Reform

Posted 5:00 AM by
The enactment of the Tax Cuts and Jobs Act of 2017 (TCJA) has received a lot of attention over the last several months from individuals and companies, with the primary focus on how the new legislation will impact tax payments and future tax rates.
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Standards Update: 2/27/18

Posted 5:00 AM 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 (GAAP) in the United States. Below are select ASUs that were recently issued.
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Standards Update: 1/30/18

Posted 1:30 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 (GAAP) in the United States. Below are select ASUs that were recently issued.
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Preparing Your Buy Here – Pay Here Dealership for a Pain-Free Audit

Posted 4:00 AM by
If your Buy Here – Pay Here (BHPH) dealership has bank debt, there is a good chance your lender requires you to have a financial statement review or audit. With 2017 winding down, now is the time to evaluate your year-end closing checklist to help ensure a pain-free audit. Below are a few tips to make your upcoming audit a success.
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Horvath to Speak at Michigan Association of CPAs Nonprofit Conference

Posted 4:00 AM by
Amanda Horvath, director in Katz, Sapper & Miller’s Not-for-Profit Services Group, will present at the upcoming Michigan Association of Certified Public Accountants (MICPA) Nonprofit Conference.
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New Accounting Guidance for Credit Losses Is Coming, Should I Panic?

Posted 12:00 PM by
Well…maybe. The allowance for credit losses is the most significant estimate on any set of BHPH financial statements. Since June 2016, when the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) amending the accounting guidance for measuring and recognizing credit losses, many industry accounting practitioners remain conflicted as to the impact this ASU will have on financial reporting practices and some dealers are wondering what this new ASU means for them.
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Standards Update: 11/28/16

Posted 3:41 PM by
The Financial Accounting Standards Board (FASB) hopes to improve financial reporting related to credit losses on loans and other financial instruments by requiring the losses to be recorded more timely with the issuance of Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. 
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Standards Update: 8/22/16

Posted 12:33 PM by
In November 2011, the Financial Accounting Standards Board (FASB) added a project to its agenda focusing on the financial reporting of not-for-profit (NFP) entities. The objectives of this project focused on improving net asset classification requirements and the information provided in the financial statements and notes about liquidity, financial performance and cash flows.
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Standards Update: 6/17/16

Posted 4:00 AM by
In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-03, Intangibles – Goodwill and Other (Topic 350), Business Combinations (Topic 805), Consolidation (Topic 810), Derivatives and Hedging (Topic 815): Effective Date and Transition Guidance (a consensus of the Private Company Council) (ASU No. 2016-03).
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