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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

FASB Issues Standards for Recognition and Measurement of Financial Assets and Liabilities

AAFCPAs wants to alert you to this change from the Financial Accounting Standards Board (FASB).  In their effort to provide users of financial statements with more useful information on the recognition, measurement, presentation, and disclosure of financial instruments, on January 5, 2016 the FASB issued a new Accounting Standards Update (ASU) No. 2016-01, Financial Instruments, Overall (Subtopic 825-10): Recognition And Measurement Of Financial Assets And Financial Liabilities. The standard affects... continue reading

FASB Simplifies the Presentation of Deferred Tax Liabilities and Assets

AAFCPAs would like to make you aware that on Nov. 20, 2015 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.  This ASU applies to all organizations that present a classified balance sheet, and requires that all deferred tax liabilities and assets be classified as non-current. This is a significant change for entities which have deferred income... continue reading

FASB Moves to Finalize Leasing Standard, Sets Effective Dates

ASU will require that lease obligations be added to the balance sheet AAFCPAs would like to make you aware that on Nov. 11, 2015 the Financial Accounting Standards Board (FASB) voted to proceed with a new accounting standard that would require companies and other organizations to include lease obligations on their balance sheets as opposed to simply disclosing in the financial statement footnotes.  The ruling will affect any company that... continue reading

Reminder: FASB Defers Revenue Recognition Standard

In response to feedback from stakeholders, preparers, practitioners, and users of financial statements, in August 2015, the FASB approved a one-year deferral of the effective date of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. The effective date of Update 2014-09 has been deferred for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in Update... continue reading