Search Results for: Lease Accounting Standards

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Lease Accounting Standards Effective for Private Businesses in 2022 by Hector E. Aguililla, CPA

After numerous false starts, the time has finally come for private companies to begin reporting leases on their balance sheets and comply with the lease-accounting standards first introduced by the Financial Accounting Standards Board (FASB) in late 2015. While most public companies adopted Accounting Standards Update (ASU) Topic 842 in 2019, privately held business were […]

Private Businesses Have More Time to Adopt New Accounting Standards for Leases, Credit Losses by Hector E. Aguililla, CPA

The Financial Accounting Standards Board (FASB) recently issued ASU 2019-10, extending the deadline for privately held businesses and not-for-profit organizations to comply with new accounting standards for recognizing leases and credit losses. Both standards were introduced in 2016 in an effort to improve financial reporting transparency and to provide readers of financial statements with a […]

Is it Time for your Business to Purchase Lease Accounting Software? by Whitney K. Schiffer, CPA

Time is up for private companies to comply with the new lease accounting standards (ASC 842), which require businesses to begin recording the assets and liabilities of all leases, including operating leases, on their balance sheets. For calendar-year companies, the new lease accounting standard is effective on January 1, 2022. Private companies that have already […]

Is it Time for your Business to Purchase Lease Accounting Software? by Whitney Schiffer, CPA

Private companies and nonprofit organization struggling to adopt the new lease accounting standard (ASC 842) are getting a reprieve from the Financial Accounting Standards Board, which voted to delay the effective date of compliance by one year to Jan. 1, 2021. Affected entities should use the additional time to consider how they can more effectively […]

AICPA Issues Exposure Draft of New Standard for Forensic Accounting Services by Richard A. Pollack, CPA/ABV/CFF, ASA, CBA, CFE, CAMS, CIRA, CVA

Forensic accounting services can play a pivotal role in cases involving financial fraud, breach of contract, hidden assets, lost profits and economic damages. As demand for these services continues to increase, the American Institute of CPAs (AICPA) has released new professional standards that CPA’s performing forensic services must adopt for new investigation and/or litigation engagements […]

Understanding Florida’s Uniform Commercial Real Estate Receivership Act by Daniel S. Hughes, CPA/CFF/CGMA, CVA, and Roberta Bazotti, CPA, CFE

On July 1, 2020, Florida adopted the Uniform Commercial Real Estate Receivership Act (UCRERA), establishing comprehensive rules, standards and legal processes for the entire receivership process, from commencement to termination. Generally, the law enhances the court’s authority to appoint receivers to take control, custody and management of property involved in litigation while also expanding receivers’ […]

FTC Safeguard Rules Make Data Security a Priority for Many Businesses by Brandon Bowers

Effective June 9, 2023, certain businesses engaged in financial services activities must comply with the Federal Trade Commission’s Standards for Safeguarding Customer Information Rule (Safeguard Rule), which requires the development, implementation and maintenance of appropriate policies, systems and other defenses to protect customers’ personal information from cyberattacks and other threats. However, many businesses remain unaware […]

How Can Borrowers Account for PPP Loans? by Whitney Schiffer, CPA

As businesses and nonprofits close their books for 2020, those that received SBA-backed Paycheck Protection Program (PPP) loans must now consider how they will account for those funds on their end-of-year financial statements. Absent specific reporting requirements from the SBA or the IRS, borrowers can instead rely on technical guidance issued by organizations that include […]

Year-End Tax Planning Can Yield Significant Savings for Individuals and Businesses by Jeffrey M. Mutnik, CPA/PFS

As 2017 draws to a close, the future of tax and regulatory reform hangs in the balance. The House of Representatives just passed a budget resolution that includes allusions to major modifications to the tax rules, but details are scant. Despite this current environment of uncertainty, the end of the year remains a critical time […]

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Joshua Hallett

For more than 10 years Joshua Hallett has provided audit and consulting services to private and publicly traded companies in a wide range of industries. Hallett has worked as an internal and external auditor for public companies and has experience with the new leasing accounting standards and revenue recognition standards. Throughout his career he has […]