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Audit, Compilation & Review News


02/26/2016

Focus on Assurance: Financial Reporting Over Lease Transactions


The Financial Accounting Standards Board (FASB) has released an Accounting Standards Update (ASU) designed to improve financial reporting over lease transactions. The ASU will impact all companies and other organizations that lease assets, including real estate, equipment and other personal property.

10/27/2015

Focus on Assurance: Changes You’ll Note On Reviews & Compilations


The AICPA Accounting & Review Services Committee released new standards for accounting and review services, titled SSARS No. 21, Statement on Standards for Accounting and Review Services: Clarification and Recodification.

04/03/2015

Focus On Revenue Recognition:  FASB Votes To Propose Deferring Effective Date Of ASU 2014-09


The Financial Accounting Standards Board (FASB) has voted to propose deferring the effective date for the new revenue recognition standard established by Accounting Standards Update (ASU) 2014-09.  This deferral would apply to both public and nonpublic entities.

09/23/2014

Focus On Going Concern Uncertainties: FASB Issues Accounting Standards Update


The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40)Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.  The ASU is intended to define management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures.

06/09/2014

Focus on Private Company Financial Reporting:  Relief Is Here


It has been a complaint for nearly four decades.  U.S. GAAP (generally accepted accounting principles) can be overly complicated and, in some circumstances, unnecessary for non-public companies.  

In May, RubinBrown hosted four sold-out seminars on this very topic.  Business owners and executives gathered with us to learn more about new alternatives, from both the FASB and the AICPA, that will help simplify private company financial reporting.