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Adopting the New Revenue Recognition Standard

December 18th, 2017 Posted by admin

What We Learned and Recommendations The new revenue recognition standard is required to be adopted in less than one month for many public companies.  We offer several recommendations and key lessons learned from assisting companies with their implementation projects: It is more than accounting.   Arriving at the appropriate accounting conclusions may not be overly difficult.  One […]

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SEC Changes Benefit Companies Undertaking IPO

July 14th, 2017 Posted by admin

Stimulating Capital Formation in the United States Effective July 10, 2017, the SEC is extending rules once only available to emerging growth companies (EGCs) under the 2012 Jumpstart Our Business Startups (JOBS) Act to all companies.  The intent of this change is to ease the IPO process and stimulate capital formation in the United States. […]

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SEC Focuses on Use of Non-GAAP Measurements

July 18th, 2016 Posted by admin

SEC Continues Focus on Non-GAAP Measurements In 2003, the Securities and Exchange Commission (“SEC”) adopted rules related to the use of non-GAAP measurements. Fast forward over a decade, and the SEC continues to have many of those same concerns as it did in 2003 and has recently updated its guidance in this area. Companies Creating Entity-Specific GAAP There continues to […]

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FASB Simplifies Business Combination Accounting

September 30th, 2015 Posted by admin

Business Combination Accounting Simplified The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) to simply business combination accounting rules. One of the more challenging and potentially costly requirements under current guidance was how measurement-period adjustments were treated.  The measurement period represents the period between when an acquisition closes until the date in which final […]

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FASB proposes deferral of new revenue standard

April 10th, 2015 Posted by admin

One Year Deferral Proposed The Financial Accounting Standards Board (FASB) proposed a one-year deferral of the effective date for its new revenue standard for public and nonpublic entities. Under the proposal, the standard would be effective for public entities with annual reporting periods beginning after December 15, 2017 and the first interim period within the year of adoption. […]

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EITF Issues Pushdown Accounting Guidance

September 20th, 2014 Posted by admin

US GAAP had limited guidance on when the cost of acquiring an entity, or new accounting basis (pushdown accounting), would be required to be reflected in the acquired entity’s separate financial statements.  While public companies had specific guidance to follow, private companies had little guidance to follow and therefore mix practice developed. On September 18, […]

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SEC Reduces the Burden of Implementing Revenue Recognition Rules

September 12th, 2014 Posted by admin

For public companies considering the retrospective method adoption method, a significant implementation issue related to the five year selected financial data requirement.  Would the SEC require all five years to be presented under the new revenue recognition rules? SEC Provides Some Relief At the Financial Accounting Standards Advisory Council (FASAC) meeting, a SEC staff member indicated the SEC staff […]

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Going Concern Changes: Improved Early Warning?

August 28th, 2014 Posted by admin

The Financial Accounting Standards Board (FASB) issued an Accounting Standard Update (ASU) 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40).  ASU 2014-15 is effective for the annual period ending after December 15, 2016 and for annual and interim periods thereafter. Early adoption is permitted. Early Warning Part of the fallout of the mid-2000 financial crisis was a perception that […]

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Be Prepared for New Revenue Recognition Rules

August 15th, 2014 Posted by admin

The Boy Scouts of America’s motto is “Always Be Prepared!”  A useful reminder for not only scouts, but when it comes to implementing new accounting rules such as revenue recognition. We Are Done After eight long years of development, exposure drafts, roundtables, comment letters, redeliberation and rewrite, the Financial Accounting Standards Board (FASB) finally issued its final […]

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Integritas Advisors Launched

August 2nd, 2014 Posted by admin

Proud to announce the formation of Integritas Advisors.  We are a speciality accounting consulting firm that assists companies through transaction-based or special events such as acquisitions, divestitures, initial public offerings, accounting standard implementations/IFRS conversions, bankruptcy and restatements.  Thank you to my family, my sister, friends, and all my mentors and colleagues at KPMG for encouraging […]

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