By MarksNelson on September 8, 2015Under generally accepted accounting principles (GAAP), the assumption that a company will be able to continue its operations is presumed as the basis for preparing financial statements. Preparation of financial statements under this presumption is commonly referred to as the going concern basis of accounting. However, there may be conditions or events that raise substantial doubt about the company’s ability to continue as a going concern.
By MarksNelson on August 11, 2015The Accounting and Review Services Committee (ARSC) has issued Statement on Standards for Accounting and Review Services No. 21 which provides clarity for CPAs regarding accounting and financial statement preparation services and reporting services including compilation or review reports.
By Brandi DiGiorgio on March 19, 2015Last year, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-07, Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements. This guidance offers private companies a simpler way to account for certain related leasing entities. Businesses that adopt the alternative can avoid the potentially costly variable interest entity (VIE) analysis associated with these entities and need not consolidate these entities on their financial statements.
By MarksNelson on February 24, 2015Tara Miller, CPA, has been promoted to supervisor in the Accounting Services department. Miller has been with the firm just over three years.
By MarksNelson on January 23, 2015Kelly Cisper joins the firm as a Staff Accountant in the Accounting Services department. She will be working closely with clients to provide accounting, payroll and sales tax assistance.
By Adam Collyer on September 2, 2014This past May when the Financial Accounting Standards Board issued Accounting Standard Update 2014-09, Revenue from Contracts with Customers, the first question which came to mind for many business owners and finance professionals was “How will the new standard affect us?” Unfortunately answering this question using broad generalities is difficult to do. Some organizations may not see much of a change outside […]
By Don Towle on January 16, 2014During 2013 the Financial Accounting Standards Board (FASB) issued for public comment five proposals from the Private Company Council (PCC) for alternatives to existing nongovernmental U.S. GAAP. Established in 2012, the goal of the PCC is to improve the process for setting accounting standards for privately held companies. The PCC has finalized two of these five proposals (PCC Issues 13-01B and 13-03A) […]
By Brandi DiGiorgio on September 17, 2013Was your company required to consolidate the real estate company into its financial statements as a Variable Interest Entity? The Financial Accounting Standards Board (FASB) has reviewed this issue and has formally issued a proposal, Applying Variable Interest Entity Guidance to Common Control Leasing Arrangements for public comment. This proposal would exempt many private companies from the requirement to apply variable-interest entity (VIE) consolidation guidance to […]
By MarksNelson on July 9, 2013Kansas City Business Journal, Accountants Hope to Add Public Input to Rules on Private Financial Statements, September 23, 2011 Accountants are encouraging owners of private companies to speak up in support of more practical rules for audited financial statements. The Financial Accounting Foundation (FAF) is set to act on a special blue ribbon panel’s recommendation to create separate rules for the financial statements of private companies. FAF oversees the Financial Accounting Standards Board, which makes the rules for Generally Accepted Accounting Principles.
By Linda Campbell on May 9, 2013According to a study by Northeastern University’s Center for Family Businesses, about 70% of family businesses have no succession plan in place and less than one in three maintain operations into the second generation. We find that most business owners are not working towards an exit strategy because they do not have a succession plan. This typically occurs because they: […]
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