Perhaps I’ve over-hyped the title to this blog post a little by using the word “thriller.” However, if COVID-19 has relegated a planned summer vacation from a trip to the coast to wading in a backyard kiddie pool with your dog staring at you, you’re a little desperate for entertainment. Good news, since the new […]
Displaying: Richard Daisley, CPA
Financial Reporting Implications of the COVID-19 Pandemic
Over the past few months, the entire world has dealt with the significant impact of the COVID-19 pandemic. While potentially of a secondary concern, the aftermath of COVID-19 has also had a significant impact on the accounting and financial reporting functions of virtually all entities, for-profit and not-for-profit alike. Further, these continuing impacts of the coronavirus […]
FASB Offers Deferral Option for ASC 606 Implementation for Private and Not-for-Profit Entities
The FASB has tentatively approved an optional one-year implementation deferral for ASC 606 – Revenue from Contracts with Customers. ASC 606 requires a detailed review of existing and pending contracts with customers and follows a 5-step process to determine the timing and recognition of revenue related to such contracts. Non-public and not-for-profit entities that have […]
Accounting for COVID-19 Impacts: A Framework for Considering the Financial Accounting and Reporting Implications of the COVID-19 Pandemic
There are many implications of the current COVID-19 pandemic. First and foremost is the consideration of the health and well-being of those impacted by the pandemic, including those who have contracted the disease, people caring for those who have contracted the disease and the healthcare providers and personnel in related fields who are treating these […]
ASC Topic 606, Revenue From Contracts with Customers
The effective date of ASC Topic 606, Revenue From Contracts with Customers, is finally here for non-public business entities. All financial statements dated on or after December 31, 2019 will need to present revenue recognized under this new accounting guidance issued by the FASB. However, just because the deadline is here doesn’t mean that your […]
Improving the Internal Audit Function through Enhanced Data Analytics
Data analytics and “big data” have become a game changer for internal auditing, as firms search for opportunities to provide more value to clients and respond to new regulations and increased pressure from stakeholders. Integrating data analytics into the internal audit approach isn’t easy, but the investment of time and money will help firms and […]
Auditor Risk Assessment
In recent years, a constant mantra of the AICPA’s peer review and technical staff has been that auditors are struggling with the risk assessment standards (primarily AU-C sections 315 and 330). Common deficiencies cited by the AICPA include: [1] auditors failing to gain an understanding of internal control when identifying the client’s risks; [2] incomplete […]
Getting Ready for the New World of Peer Review
From those whose firms have recently gone through a peer review as part of the AICPA’s Peer Review Program (PRP), the feedback is consistent. Things have changed. While the underlying requirements of the PRP are the same, a review of a sample of an accounting firm’s engagement workpapers in order to assure compliance with applicable […]
Now is the Time to Become Familiar with the New Yellow Book
The 2018 Yellow Book is effective for financial audits for periods ending on or after June 30, 2020. However, that does not mean that auditors can wait until 2020 to become familiar with the new standards. A prime example of why early familiarity is necessary lies in the area of independence. Under the Yellow Book, […]
Let Me Say This Another Way: Restating Net Assets for ASU No. 2016-14
ASU No. 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, is effective for fiscal years beginning after December 15, 2017. With limited exceptions, the amendments in ASU No. 2016-14 are required to be applied on a retrospective basis in the year that ASU No. 2016-14 is first applied. A retrospective application entails the application of […]