Assurance / Audit

The LEAN Profit and Loss Statement – The Future of Accounting

LEAN accounting. No, it is not about how to make your accounting department leaner through better eating habits (although being in the middle of year-end and tax season I would imagine good eating habits went right out of the window). What LEAN accounting is about is building a financial model and results around an accounting, […]

Health Care Entities and the New Revenue Recognition Standard

On May 28, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers. The standard eliminates revenue recognition guidance under current U.S. Generally Accepted Accounting Principles, and replaces it with a principles-based approach for determining revenue recognition. This standard is effective for public companies with annual periods […]

FASB ASU 2017-06 – Employee Benefit Plan Master Trust Reporting

On February 27, 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2017-06. The update clarifies the presentation and disclosure requirements for an employee benefit plan’s interest in a master trust. A master trust is a trust for which a regulated financial institution, (bank, trust company, or similar financial institution that is regulated, […]

Save the Date! McKonly & Asbury’s Collaborate 2017 Conference – September 21

Be sure to mark your calendar for McKonly & Asbury’s Collaborate 2017 Conference! This year’s conference will be held on Thursday, September 21st at the Hershey Lodge! 2017 marks the 5th year for this conference which features a variety of topics and speakers that are continually being customized to past participant feedback, as well as what’s trending in […]

Recent FASB Release Concerning the Disclosure of Debt Issuance Costs

In April 2015, the Financial Accounting Standards Board (FASB) released Accounting Standards Update (ASU) 2015-03, Simplifying the Presentation of Debt Issuance Costs. The purpose behind the release of this ASU was to reduce the complexity surrounding the disclosure of debt issuance costs and debt discounts and premiums and, in turn, provide the users of financial […]

FASB Issues ASU No. 2017-02

On January 12, 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2017-02, Clarifying When a Not-for-Profit Entity That Is a General Partner or a Limited Partner Should Consolidate a For-Profit Limited Partnership or Similar Entity (ASU 2017-02). ASU 2017-02 provides needed clarification to accounting guidance as a result of previously issued […]

Year End Audit and Tax Planning Tips for Affordable Housing Partnerships

It’s that time of the year to prepare for your partnership’s calendar year end audits and tax returns. Below are some tips to help owners and managers of affordable housing partnerships help ensure reporting deadlines are met and to minimize the disruption by auditors and tax preparers to your day to day operations. Audit/Accounting Be […]

5-Minute Focus on the New Leasing Standard

Accounting Standards Update (ASU) 2016-02, Leases is effective for private companies for fiscal years beginning after December 15, 2019.  If you have leases, the new standard will change your financial statements and disclosures, and may also introduce significant new processes within your organization to properly account for leases.  We have prepared the following 5 minute […]

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