By MarksNelson on November 10, 2016With the day-to-day activity involved in property management, it’s not surprising that commercial landlords often pay little attention to the terms of their long-term leases unless problems arise or renewal is on the horizon. But there are other circumstances that might call for you to review and update your leases.
By MarksNelson on August 3, 2016A common practice among companies with significant amounts of inventory is to perform cycle counts instead of a year-end count. A company with significant amounts of inventory that comprise of small, identical items with high turnover might be a good candidate for cycle counts and should consider making the switch.
5 Things You Need to Know About Preparation of Financial Statements Under the New SSARS No. 21 GuidanceBy MarksNelson on May 17, 2016Preparation services performed in 2016 will be covered under the new Statement on Standards for Accounting and Review Services (SSARS) No. 21. Submission of financial statements to a client who is not required to or has not engaged the accountant to perform an audit, review, or compilation must follow the new SSARS No. 21 guidance. Here are 5 things to know if your accountant suggests these preparation services:
By MarksNelson on March 1, 2016For 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).
By MarksNelson on February 16, 2016General 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.
By MarksNelson on October 8, 20155 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.
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.
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