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FASB Issues ASU 2018-17: Targeted Improvements to Related Party Guidance for Variable Interest Entities

AAFCPAs would like to make clients aware that the Financial Accounting Standards Board (FASB) on October 31, 2018, issued an Accounting Standards Update (ASU) that reduces the cost and complexity of financial reporting associated with consolidation of variable interest entities (VIEs). A VIE is an organization in which consolidation is not based on a majority of voting rights. The new guidance, based on recommendations from the Private Company Council (PCC),... continue reading

Webinar: AAFCPAs Revenue Recognition Guidance for Businesses

Webinar: AAFCPAs Revenue Recognition Guidance for Businesses

Join AAFCPAs on Tuesday, June 12th from 12-1pm for a live, 1-hour revenue recognition implementation webinar! AAFCPAs’ Nicole Zompa, CPA, Jeffrey Mead, CPA, CGMA and Tracy LeMaire, CPA, MBA will provide finance executives with an understanding of how the new standard could impact revenue recognition and company policies, and what they should be doing now to prepare for adoption. Download Slides >> and please share with anyone who may benefit from attending this webinar. This revenue... continue reading

SAVE THE DATE: AAFCPAs to Share Valuable Revenue Recognition Guidance for Nonprofits

SAVE THE DATE: AAFCPAs to Share Valuable Revenue Recognition Guidance for Nonprofits

AAFCPAs will present two educational webinars, providing an overview of new Revenue Recognition standards for Commercial Businesses and Nonprofit Organizations. Attendees will gain an understanding of how the new standards could impact revenue recognition and company policies, and what they should be doing now to prepare for adoption. SAVE THE DATE! AAFCPAs Educational Webinar: Revenue Recognition for Nonprofits When: Wednesday, May 23rd, 2018 | 12:00pm – 1:00pm (1 CPE Credit)... continue reading

AAFCPAs Partner, Jeffrey Mead to Serve as Manning School of Business Executive-Faculty-in-Residence for UMass Lowell

AAFCPAs Partner, Jeffrey Mead to Serve as Manning School of Business Executive-Faculty-in-Residence for UMass Lowell

AAFCPAs is excited to announce that Jeffrey Mead, CPA, CGMA has been appointed and agrees to serve as a Manning School of Business Executive-Faculty-in-Residence at the University of Massachusetts Lowell (UMass Lowell) for academic years 2017-2018 and 2018-2019. UMass Lowell is a nationally ranked public research university committed to excellence in teaching, research, and community engagement. Jeffrey will donate his time, talent, and expertise to better the strategic goals of... continue reading

Guidance on New Lease Accounting Standard

In 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) to increase transparency and comparability of lease transactions.   AAFCPAs has summarized some of the most significant changes resulting from the new ASU for your convenience: Operating leases will now be recorded in the balance sheet as assets and liabilities if the lease term is greater than 12 months. Prior to this new standard, U.S. GAAP required only capital... continue reading

AAFCPAs’ Jeffrey Mead to Present FEI-Boston’s 2016 Accounting & Auditing Update Professional Development Session

AAFCPAs’ Partner Jeffrey Mead, CPA, CGMA will lead Finance Executives International (FEI)–Boston’s 2016 Annual Accounting & Auditing Update.  FEI’s Boston Chapter is one of the largest chapters of the premier professional association for senior corporate financial managers. This annual professional development session is much anticipated and well attended by the elite finance professionals of Boston. Jeffrey will provide a timely update for CFOs of privately-held companies, covering new pronouncements that may impact... continue reading

AAFCPAs Partner Jeffrey Mead to Present on Big Data at the AAA 2016 Northeast Region Meeting

AAFCPAs Partner Jeffrey Mead, CPA, CGMA will present an educational workshop at the American Accounting Association (AAA) 2016 Northeast Region Meeting in October 2016.  This technical forum is part of AAA’s educational programs to explore current issues and topics of interest to accountants, accounting educators, and researchers. Jeffrey will explore how big data and analytics are transforming the assurance process, and identify key skills required of 21st century internal and... continue reading

Implementation Guidance Related to Performance Obligations and Licensing

AAFCPAs would like to make clients aware of a recent accounting standards update (ASU) issued by the Financial Accounting Standards Board (FASB) which clarifies the implementation guidance related to identifying performance obligations and licensing.  ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, does not change the core principle of the guidance in the new revenue recognition standards (Topic 606).  It does clarify the following: Identifying... continue reading

FASB ASU Clarifies Principal vs. Agent Revenue Recognition Considerations

AAFCPAs would like to make clients aware of a recent accounting standards update (ASU) issued by the Financial Announcing Standards Board (FASB) which clarifies the implementation guidance related to principal versus agent considerations.  ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), issued March 17th, 2016, does not change the core principle of principal vs. agent revenue recognition guidance; it does... continue reading

Stock Compensation, Accounting for Share-Based Payments

Many entities compensate their employees, not by “cash salary,” but rather by using equity awards, commonly in the form of what is referred to as “stock compensation.” The amendments in Accounting Standards Update 2014-12 – Compensation – Stock Compensation (Topic 718), apply to all reporting entities that grant their employees share-based payments in which the terms of the award provide that a performance target that affects vesting could be achieved... continue reading