Assurance / Audit

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 […]

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 […]

Risk Assessment Requirements for SOC Examinations

Statement on Standards for Attestation Engagements (SSAE) No. 16, Reporting on Controls at a Service Organization, has established three types of Service Organization Controls reports (“SOC”). The three types SOC 1, SOC 2, and SOC 3 are comprised of various components and require different reporting aspects based on the type of examination. Regardless of whether […]

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 […]

SOC 2 and SOC 3: What’s the Difference?

Over the last decade, companies have increasingly looked to outsourcing as a way of reducing costs and improving inefficiencies. In addition to outsourcing in general, the increase in outsourcing of software as service and other cloud based technologies has skyrocketed over the last 10 years. Those increases in outsourcing have also increased the need for […]

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