Financial Statement Audits
FEI-Boston Annual Accounting & Auditing Update Professional Development Session
AAFCPAs Partner, Jeffrey Mead, CPA, will lead Finance Executives International (FEI)-Boston’s Annual Accounting & Auditing Update. FEI’s Boston Chapter is one of the largest chapters of the premier professional association for senior and mid-level corporate financial managers. This annual professional development session is typically well attended by the elite finance professionals of Boston. Jeff will […]
FASB Votes to Propose a Deferral to the Effective Date for Revenue Recognition Standard by One Year
AAFCPAs would like to inform you of an update from today’s FASB Board Meeting (April 1, 2015), in which they voted to propose a one-year deferral of the effective date of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“the new revenue standard”). Following a member comment period (30-days), we anticipate […]
Accounting Alternatives for Private Companies
On March 20, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-07, Consolidation (Topic 810): Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements (a consensus of the Private Company Council). This update allows private company lessee (the reporting entity) to elect an alternative not to apply Variable Interest Entity (VIE) guidance […]
New financial reporting framework draws mixed reaction
Last year, the American Institute of Certified Public Accountants (AICPA) released a new type of special purpose financial reporting framework: “Financial Reporting Framework for Small- and Medium-Sized Entities” (FRF for SMEs). The organization’s intent was to ease reporting for smaller, privately held, owner-managed companies that aren’t required to follow Generally Accepted Accounting Principles (GAAP). The […]
Accounting Alternatives for Private Companies
On January 16, the Financial Accounting Standards Board (FASB) issued Accounting Standards Updates No. 2014-02 and 2014-3. These updates proactively define a private company and set standards for accounting for goodwill and a simplified hedge accounting approach. Definition of a Private Company The FASB decided that it should proactively determine which entities would be within […]
How to take the stress out of an independent audit
When you think of your next audit by an outside CPA firm, do you fear hearing words such as “unexplained differences,” “unsatisfactory explanation,” “noncompliant” and “we’ll need more time”? If you have an audit phobia, you’re not alone: Some nonprofit leaders equate an independent audit with criticism, demands and time taken from their workweek. But […]