private companies

asset impairment

Asset Impairment is Expected to Hit 2020 Financial Statements

Some companies are expected to report impairment losses in fiscal year 2020 because of the COVID-19 crisis. Depending on the nature of your operations and assets, the pandemic could be considered a “triggering event” that warrants interim impairment testing. Examples of assets that may become impaired include long-lived assets (such as equipment and real estate),…

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new accounting rules on leasing vs. buying

Lease or Buy? Changes to Accounting Rules May Change Your Mind

The accounting rules for reporting leasing transactions are changing. Though these changes have been delayed until 2021 for private companies (and nonprofits), it’s important to know the possible effects on your financial statements as you renew leases or enter into new lease contracts. In some cases, you might decide to modify lease terms to avoid…

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accounting rules delayed

Attention: Accounting Rule Delays in the Works

On July 17, the Financial Accounting Standards Board (FASB) voted to issue a proposal that would delay several landmark accounting rules for certain companies. If finalized, the deferral would apply to new guidance for reporting leases, hedging transactions, credit losses and long-term insurance contracts. Summary of the changes The following table summarizes key implementation date…

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construction industry prepares for new lease standard

Lease Accounting for Contractors: New Rules on the Way

It’s been 13 years since the Financial Accounting Standards Board (FASB) started overhauling its lease standard. For some time now, the new rules have been scheduled to take effect for private companies with fiscal years beginning after December 15, 2019 — in other words, 2020 for companies with a calendar year end. (Public business entities…

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time to update to the new revenue recognition standard

Private Companies: Have You Implemented the New Revenue Recognition Standard?

Private companies that follow U.S. Generally Accepted Accounting Principles (GAAP) must comply with the landmark new revenue recognition standard in 2019. Many private company CFOs and controllers report that they still have significant work to do to meet the demands of the sweeping rules. If you haven’t started the implementation process, it’s time to get…

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