CPAs Calculating the Latest in Audit + Accounting News

More than just taxes – what do accountants do?

Upon telling someone that I’m an accountant, the most common response I’ve received is, “Oh, so you do taxes?” I then explain that the only taxes I prepare are my own. There are several different areas of accounting and types of accountants, both internal and external. First, there are several types of internal accountants. An …

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Common book-to-tax differences, understanding your business

While most business owners are concerned with the accounting impact for certain transactions, they are equally as interested in the impact it will have to their taxes. While many transactions are treated the same for both financial and tax purposes, there are various transactions that, due to the nature or timing, are treated differently. Accordingly, …

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Practical tips to prepare for the CPA exam

Since the CPA Exam is notoriously difficult, it is essential for CPA candidates to implement effective study habits as they prepare. As someone who has completed the exam recently, I would like to pass along some advice for those taking or planning to take the exam. Carefully choose your study materials Becker is the most …

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New revenue recognition standard: subscription based organizations

After almost five years of talking about it, the long-anticipated revenue recognition standard is now being employed by the public filers. Private companies still have some time, but don’t procrastinate. There is a lot you need to do in 2018 to be able to apply the standard and the full or modified retrospective application. How …

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New revenue recognition standard: big impact to franchisors

For many companies, the impact of the new revenue recognition standard will be determined on a company-by-company basis. One group expected to see significant changes – franchisors. The new standard will have a profound impact on franchisor financial statements – especially franchisors that have not been in operation for many years. Old guidance v new …

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Revenue recognition: costs of obtaining contracts

By now most of us are experiencing information overload on the new revenue recognition standard and are contemplating to jump ship before the standard comes into effect. The Accounting Standard Codification introduces Topic 606 (too close to triple-six if you ask me), Revenue from Contracts with Customers, and it is effective to all nonpublic companies …

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Revenue recognition: manufacturing impact

The new revenue recognition standard is rapidly approaching with implementation only months away. If your distribution channels are simplistic in nature and your contracts are typically simplistic or generally simple purchase orders, you probably won’t have any significant impact. On the other hand, if any of these items apply, your accounting for revenue is likely …

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Big changes to lease accounting, are you ready?

Remember in 2016, when the Financial Accounting Standards Board (FASB) released an accounting standard update regarding the accounting for leases (Topic 842)? Seemed like the new standard was well in the distance. Well, these changes are just around the corner and all companies should be thinking and planning for the impacts the changes to lease …

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New revenue recognition standard, time to get ready

Accounting standards are constantly evolving, with new ones issued from the Financial Accounting Standards Board (FASB) every year. Many times, they have no impact to most private companies. However, the FASB’s new revenue recognition standard is expected to have one of the most far-reaching impacts seen in quite some time. Even if it doesn’t change …

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The new lease standard…5 things you MUST know now

By now, you’ve sat through session after session discussing the impending lease standard. There are certainly the mechanics behind all of it; discount this, debit that, blah, blah, blah. Those of you who are dedicated ledger jockeys have it all squared away. For the rest of us, here are the practical business considerations that you …

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