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Assurance Services

  • Major Shift in Lease Accounting Could Cause Major Headaches

    By MarksNelson on March 1, 2016
    For decades, companies weren’t required to report many lease-related assets and liabilities on their balance sheet. That’s all about to change under a new lease accounting standard that was issued on February 25, 2016, Accounting Standards Update No. 2016-02, Leases (Topic 842).
  • Prequalification Reduces Risk of Subcontractor Default

    By MarksNelson on February 16, 2016
    General contractors can no longer afford to just award subcontracts to the lowest bidder. In today’s challenging economy, some subcontractors bid on jobs that are outside their comfort zones in terms of skills, capacity or financial resources.
  • Ease On Down The Road

    By MarksNelson on October 8, 2015
    5 tips for making your audit less stressful Do you feel unprepared for your external audit each year? Does your staff start showing signs of anxiety in anticipation of the auditors walking in the door? If this sounds like your situation, take a deep breath. Here are five tips for making the audit experience run more smoothly for you and your auditors.
  • Are You Ready For The New Going Concern Rules?

    By MarksNelson on September 8, 2015
    Under 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.
  • Financial Statement Reporting Updates

    By MarksNelson on August 11, 2015
    The 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.
  • Simpler Accounting Option Now Available For Leasing Entities

    By Brandi DiGiorgio on March 19, 2015
    Last 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.
  • NEWS RELEASE: MarksNelson Accounting Firm Announces Firm Wide Promotions

    By MarksNelson on February 24, 2015
    Tara Miller, CPA, has been promoted to supervisor in the Accounting Services department. Miller has been with the firm just over three years.
  • NEWS RELEASE: MarksNelson Expands Accounting Service, Assurance & Tax Deparments

    By MarksNelson on January 23, 2015
    Kelly 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.
  • New Revenue Recognition Rules – What Does it Mean to Your Organization?

    By Adam Collyer on September 2, 2014
    This 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 […]
  • PCC Finalizes Two FASB Proposals

    By Don Towle on January 16, 2014
    During 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) […]