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AICPA Urges FASB to Delay Effective Date of Lease Standard

ASU 2016-02, Leases (Topic 842) took effect for public companies at the beginning of this year and is scheduled to be effective for private companies one year later, at the beginning of 2020. This standard is significant in its impact to virtually all entities that enter into leases of more than twelve months in duration. The study and preparation for successful implementation by the effective date of January 1, 2020 is an... continue reading

AICPA Issues SAS No. 134 to Enhance Communicative Value of Auditors’ Reports

AAFCPAs would like to make our privately-held commercial clients and nonprofits aware that on May 08, the AICPA Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) No. 134, designed to enhance the communicative value of the auditor’s report and align generally accepted auditing standards (GAAS) with the standards issued by the International Auditing and Assurance Standards Board (IAASB) and the Public Company Accounting Oversight Board (PCAOB). The SAS... continue reading

AAFCPAs to Present FEI-Boston’s 2019 Ethics Symposium

AAFCPAs to Present FEI-Boston’s 2019 Ethics Symposium

AAFCPAs’ Jeffrey Mead, CPA, CGMA and Olga Yasinnik, MBA, CPA will present a 4-hour ethics CPE course on Building Ethical Management & Culture at FEI-Boston’s June 20th Ethics Symposium. This course is based on the AICPA Code of Professional Conduct and will cover the conceptual framework, as well as the rules and interpretations applicable to CPAs. Jeff and Olga will provide a detailed overview of the ethics standards that apply... continue reading

The Time is Now to Understand the Implications of the New Lease Standard, Effective 2020 for Private Companies and Most Nonprofits

The Time is Now to Understand the Implications of the New Lease Standard, Effective 2020 for Private Companies and Most Nonprofits

In February 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) to increase transparency and comparability of lease transactions. There are elements of the new standard which will likely impact almost all entities to some extent, although lessees will likely see the most significant changes with their accounting for and reporting of lease agreements. Because of the significant changes contained in this ASU, the effective date for implementing... continue reading

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