Assurance Archives - BeachFleischman CPAs

How auditors assess cyber risks

March 22, 2021 March 25, 2021 Accounting & Assurance Department Assurance, SOAR audit, cybersecurity, oversight, PCAOB, risk, risk assessment

Companies that fail to secure sensitive customer data and intellectual property won’t last long. Auditors can help measure and mitigate your company’s risk of a cyberattack.

Accounting for property, plant and equipment assets

February 19, 2021 February 22, 2021 Accounting & Assurance Department Assurance depreciation, financial reporting, financial statements, GAAP, PPE, Section 179

Which asset costs must be capitalized, how long will an asset provide value and which depreciation method is appropriate? Click the link for answers to common questions on reporting property, plant and equipment.

Should my distressed company consider a debt restructuring?

February 15, 2021 February 19, 2021 Accounting & Assurance Department Assurance, COVID-19 COVID-19, debt, debt restructuring, FASB

Many companies are struggling to make their loan payments during the COVID-19 crisis. Debt restructuring could provide relief.

Financial keys to securing a commercial loan

February 8, 2021 February 17, 2021 Accounting & Assurance Department Assurance commercial loan, FASB, GAAP

Applying for a commercial loan can be tedious and time-consuming, especially in today’s uncertain marketplace. Here’s what to expect.

Footnote disclosures: The story behind the numbers

February 1, 2021 February 2, 2021 Accounting & Assurance Department Assurance FASB, financial statement footnotes, financial statements

Financial statements do more than quantify a company’s performance. They also provide qualitative information about business operations and risk factors. Here are the basics about footnote disclosures.

View your financial statements through the right lens

January 28, 2021 February 2, 2021 Accounting & Assurance Department Assurance EBITDA, financial statements, KPIs

Business owners, do you get a little bleary-eyed looking at your financial statements? The right KPIs can help you see things more clearly.

Assessing and mitigating key person risks

January 21, 2021 January 22, 2021 Accounting & Assurance Department Assurance key people, key person, risk, risk management

Is the success of your business tied to certain “key” people? Many startups, professional service firms and small businesses are at risk of losing a key person. Here are ways to identify and shore up this critical risk factor.

New law provides option to delay implementing the updated CECL standard

January 14, 2021 February 2, 2021 Tax Department Assurance, COVID-19 CAA, CECL, COVID-19, FASB

The current expected credit loss (CECL) standard has been delayed again. Under the recently enacted COVID-19 economic relief package, large public banks get a reprieve from implementing the updated rules.

Forecasting for 2021

January 13, 2021 January 14, 2021 Accounting & Assurance Department Assurance assurance, audit, balance sheet, forecasting, preparation, prospective income statement

Start off the new year right: Prepare your company’s prospective income statement, balance sheet and statement of cash flows.

FASB Extends Effective Date of Revenue Recognition and Leases Standards for Certain Entities

May 29, 2020 October 22, 2020 Eric Majchrzak Assurance ASC 606, financial statements, revenue recognition

The Financial Accounting Standards Board (FASB) voted Wednesday, May 20, 2020, to give private companies and nonprofit organizations that have not yet issued their financial statements an extra year to comply with the revenue recognition and leases standards. Why did FASB extend the effective date? The deferred implementation was based on feedback the FASB received[ … ]

Category: Assurance