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 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: […]
By MarksNelson on March 14, 2013Is your business owned at least 51% by a woman or minority? Are you looking for a way to grow your business and give it an advantage over your competition? Applying for a disadvantaged business certification such as the Women Business Enterprise (WBE), Disadvantaged Business Enterprise (DBE), or one of several other disadvantaged business certifications, may be just what you […]
By MarksNelson on June 17, 2011Kansas City Business Journal, Proposed FASB Standard Will Change how businesses treat Leases on Balance Sheets, June 17, 2011. Proposed new accounting standards for the treatment of leases would affect most companies that lease property or equipment, changing the way balance sheets look by upping liabilities and debt-to-equity ratios.
By MarksNelson on April 25, 2011Kansas City Business Journal, CPA at the Wheel, Firms can Help Borrowers Avoid Unneeded Quest for Financing. April 25, 2011 KCI Auto Auction tells how MarksNelson worked with their financial institution to negotiate a less costly review instead of an audit.
By Angie McElhaney on November 23, 2010Small business owners and managers understand that certified public accountants are indispensable when it comes to tax planning and business strategy. However, as these businesses grow and look to expand, many find themselves needing more sophisticated financial statements and reporting to gain bank financing or capital. The greater the information and transparency of the overall business, the better chances of […]
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