Author Archives: Jim Suttie, CPA

New Lease Accounting Standards Updates – What You’ll Need to Change

In our last blog, we highlighted the impacts of new lease accounting standards updates on private companies. In this blog, we offer suggestions for adapting to the new standards.

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Impacts of New Lease Accounting Standards on Private Companies

In our last blog, we detailed specific applications of ASC 842 for private companies and explained what constitutes a lease. In this blog, we’ll examine the impacts of these standards.

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Applications of Lease Accounting Standards Updates for Private Companies

In this blog, we detail specific applications of ASC 842 for private companies—and explain what constitutes a lease.

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Objectives and Highlights of Lease Accounting Standards Under ASC 842

In our last blog, we provided a quick rundown of what ASC 842 is, why it was created, what it affects, and when new the lease standards become effective. In this blog, we want to expand a bit on the objectives of ASC 842.

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Lease Accounting Standards Updates – What You Need to Know for 2019

If you own or operate a U.S.-based business and lease anything tied to it, you may or may not be aware of the FASB’s lease accounting standard change, ASU 2016-02, Leases (Topic 842), the long-awaited new standard on lease accounting. So, what should your company do to prepare?

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New FASB Update on Variable Interest Entities is Great News for Private Companies

The FASB released ASU 2018-17 on October 31, 2018. This update now gives private companies with VIEs under common control the option to make an election not to consolidate those entities, regardless of the types of transactions they conduct with those VIEs.

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FASB Issues New Standard on Accounting for Leases

The Financial Accounting Standards Board issued Accounting Standards Update 2016-02, Leases (Topic 842), which will significantly alter the manner in which both lessees and lessors account for leases.

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What’s the Difference?

I have heard clients express the need for an “audit” of their financial statements many times during my career, but do they really need an audit? So often, people innocently confuse an audit with other financial services. In many cases a different level of service and scrutiny of a company’s financial statements will suffice and meet the needs of stakeholders.

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FASB Simplifies Intangible Asset Accounting for Private Companies

In its continued effort to simplify financial reporting for private companies, the Financial Accounting Standards Board (FASB) has issued an update to its standards for accounting for business combinations.  The update, Accounting for Identifiable Intangible Assets in a Business Combination, offers private companies an alternative method of accounting for certain acquired intangible assets. Main Concern […]

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