Many companies sell to large, national retailers. Often, when selling to these retailers, these companies will need to make separate payments to these customers or have amounts deducted from the payments received on their invoices. However, many times we don’t see these accounted for appropriately. How should these be accounted for? It depends on the …
The new revenue recognition has been discussed extensively for the past few years and while most discussions focus on the technical issues, I like to discuss application of the standard, particularly on how it affects the construction industry. On a previous blog, I discussed contract fulfillment costs and how these costs are treated under the …
Over the years, the subsequent accounting for goodwill has been an area that has seen a lot of changes and our blog has tried to keep you up to date with all of these. Where do we stand now? First off, goodwill mainly arises from a business combination where the purchase price exceeds the fair …
Back in 2014, FASB initially provided variable interest entity (VIE) consolidation relief to certain common control leasing arrangements. While this was great as common control leasing arrangements were probably the most frequent occurrence that led to consolidation of a VIE, there has always been hope that this alternative would be expanded to all common control …
Generally, when executives are discussing the company’s internal safeguards, they look to controls within the accounting department such as segregation of duties, dual check signors and purchase order matching. But what about safeguards within the information technology environment? As the role of IT continues to grow in the business world, your company should continue to …
The new revenue recognition standard has been discussed extensively for the past few years and while most discussions focus on the technical issues, I like to discuss application of the standard, particularly on how it affects the construction industry. In a previous blog, I discussed the importance of adopting the new standard and how it …
During an audit, one thing that will be evaluated is your company’s ability to continue as a going concern. In layman’s terms, this means: will your company be able to stay in business in the near future? Making this determination is oftentimes not black and white, and there are several factors that both management and …
What would you do with $1 billion? This astounding 10-digit figure is the approximate value of unclaimed property held by the State of Arizona and belongs to roughly one million current or former Arizona residents. Chances are one in seven of finding unclaimed property if you live in the Grand Canyon State! So, what exactly …
It’s that time of year again to close the books and get ready for your annual audit. You may be cringing because it’s coming soon, but with proper planning and communication, the audit process can go very smoothly for you and not be time consuming. We’ve compiled our top 10 restaurant audit preparation best practices …
When the end of the month rolls around, every accountant knows that it’s time to scramble. Closing out the previous month can be a hassle with filling out all the schedules, making the closing entries, correcting issues and checking to make sure nothing was missed. It can be a very time-consuming process, but there are …