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FASB Meets to Discuss Comments on Effective Date Extensions

Today, the Financial Accounting Standards Board (FASB) met to discuss comments received on the August 2019 proposed Accounting Standards Update (ASU) on effective dates for major projects.

Lease Accounting – Understanding the Implementation of GASB 87

GASB 87 has been a significant topic of conversation for many organizations, including adaptation and implementation of the single model for accounting and reporting. In this article, we cover the major changes required by the new standard as well as possible complexities that governments may face as they work toward compliance with the new lease standard.

DHG’s Comment Letter Response to FASB’s Proposed Effective Date Deferrals for CECL, Derivatives and Hedging, Leases, and Long-Duration Contracts

Dixon Hughes Goodman LLP (DHG) has responded to the Financial Accounting Standards Board’s (FASB) invitation to comment on its Exposure Drafts, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates and Financial Services—Insurance (Topic 944): Effective Date.

Third Quarter 2019 Accounting & Assurance Update

The developments included in this Accounting and Assurance (A&A) Update are intended to be a reminder of recently issued accounting and auditing standards and other guidance that may affect our clients in the current reporting period.

AICPA Releases SAS 136 to Confirm Performance Requirement Changes for ERISA Auditor Reporting

Alert | Jul 25, 2019
More About | Assurance | Employee Benefit Plan Audits | Risk & Regulatory

In July 2019, the American Institute of Certified Public Accountants (AICPA) Auditing Standards Board (ASB) issued the anticipated AICPA Statement on Auditing Standards No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (EBP SAS). The EBP SAS addresses an auditor’s responsibility when forming an opinion and reporting on audits of financial statements of employee benefit plans subject to the Employee Retirement Income Security Act of 1974 (ERISA).

FASB Proposes Staggered Effective Dates for Major Accounting Standards

On July 17, the Financial Accounting Standards Board (FASB) met to reconsider its philosophy on establishing effective dates for major projects for private companies, not-for-profit organizations and smaller public companies, as well as to discuss the amendment of certain upcoming effective dates for existing major standards that are not yet effective.

Lease Accounting | Part 4: Determining the Lease Term

DHG TV | Jul 02, 2019
More About | Assurance | Lease Accounting

Determining the Lease Term for Lease Accounting (ASC Topic 842)

Lease Accounting | Part 3: Lease and Non-lease Components and Determining the Discount Rate

DHG TV | Jul 02, 2019
More About | Assurance | Lease Accounting

Lease and Non-lease Components and Determining the Discount Rate for Lease Accounting (ASC Topic 842)

Lease Accounting | Part 2: Transition Practical Expedients

DHG TV | Jul 02, 2019
More About | Assurance | Lease Accounting

Transition Practical Expedients for Lease Accounting (ASC Topic 842)

Lease Accounting | Part 1: How to Get Started

DHG TV | Jul 02, 2019
More About | Assurance | Lease Accounting

How to Get Started with Lease Accounting (ASC Topic 842)

Second Quarter 2019 Accounting & Assurance Update

Alert | Jun 24, 2019
More About | Assurance | Risk & Regulatory

Preparing for Your First 401(k) Audit

Publication | May 24, 2019
More About | Assurance | Employee Benefit Plan Audits | Risk & Regulatory

Employee benefit plans such as 401(k) plans are required by the Employee Retirement Income Security Act of 1974 (ERISA) to have an annual audit if there are 100 or more eligible participants at the beginning of the plan year. These audits provide information so the users are able to assess the plan’s financial condition and identify any operational errors or control weaknesses of the plan. Initial audits can seem overwhelming and present challenges for the plan sponsor; however, proper planning can help to alleviate the challenges. In this article we discuss how to best plan and alleviate stress that can accompany a first-time 401(k) plan audit.

First Quarter 2019 Accounting & Assurance Update

The developments included in this Accounting and Assurance Update are intended to be a reminder of recently issued accounting and auditing standards and other guidance that may affect our clients in the current reporting period.

Transition to ASC Topic 842, Leases

Publication | Apr 01, 2019
More About | Assurance | Lease Accounting

The purpose of this document is to illustrate a comprehensive example of how to transition from current GAAP (ASC 840) to the new lease accounting standard (ASC 842). This example uses a single lease example, rather than a portfolio of leases, to illustrate the accounting under current guidance, the transition entry to ASC 842, and go forward accounting for leases that existed at the effective date.

FASB Accounting Standards Update 2019-01 Provides Clarity on Certain Leasing Standard Implementation Issues

Publication | Mar 25, 2019
More About | Assurance | Lease Accounting | Risk & Regulatory

On March 5, 2019 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-01, Leases (Topic 842): Codification Improvements. The update includes amendments that address issues brought to FASB’s attention by stakeholders about implementation issues. The following points are addressed specifically in the update:

Leases: Not Just for the Footnotes Anymore

Publication | Jan 11, 2019
More About | Manufacturing & Distribution | Assurance | Lease Accounting

Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2016-02 Leases (Topic 842) is a new standard that will govern the accounting for lease contracts beginning with the 2019 c

Focused Highlights of the AICPA Conference on Current SEC & PCAOB Developments

Publication | Dec 21, 2018
More About | Assurance | Risk & Regulatory

The annual AICPA Conference on Current SEC and PCAOB Developments was held in Washington D.C. with a wide range of representatives from the Securities and Exchange Commission (SEC), Public Company Acc

New standard for ERISA benefit plan audits released by AICPA

Alert | Dec 20, 2018
More About | Assurance | Employee Benefit Plan Audits | Risk & Regulatory

Earlier this month, the American Institute of Certified Public Accountants (AICPA) Auditing Standards Board voted to issue the Statement on Auditing Standards Forming an Opinion and Reporting on Finan

Fourth Quarter 2018 Accounting & Assurance Update

The developments included in this Accounting and Assurance (A&A) Update are intended to be a reminder of recently issued accounting and auditing standards and other guidance that may affect our cl

FASB Proposes Narrow Scope Changes to Credit Loss Standard

On November 19, 2018, the Financial Accounting Standards Board (FASB) released an exposure draft that contained proposed changes to Accounting Standards Update (ASU) 2016-13 Financial Instruments – Credit Losses, commonly known as CECL. The exposure draft also contained narrow scope changes to other standards which are not addressed here.

The Wayfair Ruling’s Impact on Financial Reporting

In arguably the most important sales tax case in the past twenty-five years, the U.S. Supreme Court released its highly anticipated decision in South Dakota v. Wayfair, Inc. in June. In essence, the Wayfair decision eliminated the historical “physical presence” nexus standard for sales tax and effectively puts into place an “economic” nexus standard based on the amount of business a company does in a given jurisdiction. The court upheld South Dakota’s nexus statute, which defines doing business in the state as having greater than $100K in sales or 200 transactions in a year within the state.

Targeted Improvements to Related Party Guidance for Variable Interest Entities

On October 31, 2018, the Financial Accounting Standards Board (“FASB”) released Accounting Standards Update (“ASU”) No. 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities.

Practical Considerations for Private Companies on the Timing of Evaluating and Implementing ASC 606

Publication | Oct 23, 2018
More About | Assurance | Revenue Recognition | Performance & Growth

In today’s fast-paced and rapidly changing business environment, management teams are faced with challenging decisions on where to deploy limited resources.

Partnership Audit Rules FAQs

Publication | Oct 19, 2018
More About | Assurance | Tax | Risk & Regulatory

IRS has recently enacted partnership tax changes which may have a significant impact on you.

DHG's Comment Letter Response to the AICPA's Proposed Changes to the Standards for Attestation Engagements

Publication | Oct 17, 2018
More About | Assurance | Risk & Regulatory

Standards for Attestation Engagements - Revisions to Statement on Standards for Attestation Engagements No. 18, Attestation Standards: Clarification and Recodification (Attestation Proposal)

DHG's Comment Letter Response to the AICPA's Proposed Changes to the Standards for Attestation Engagements

Publication | Oct 17, 2018
More About | Assurance

Dixon Hughes Goodman LLP (DHG) welcomes the opportunity to comment on the Auditing Standards Board’s (ASB) Proposed Statement on Standards for Attestation Engagements - Revisions to Statement on St...

Revenue Recognition: A Private Company Disclosure Guide

The Financial Accounting Standards Board issued Accounting Standards Codification (ASC) 606 - Revenue from Contracts with Customers in May 2014. The new standard becomes effective for private companies1 for fiscal years beginning after December 15, 2018 (i.e. calendar year 2019 for companies with a December 31st year end) and interim periods within fiscal years beginning after December 15, 2019 (i.e. first quarter 2020 for private companies with quarterly interim reporting requirements and a December 31st year end).

Third Quarter 2018 Accounting & Assurance Update

The developments included in this Accounting and Assurance (A&A) Update are intended to be a reminder of recently issued accounting and auditing standards and other guidance that may affect our cl

SEC Amends Smaller Reporting Company Thresholds

alert | Aug 07, 2018
More About | Assurance | Risk & Regulatory

S-K and S-X by amending the definition of smaller reporting company (SRC). These changes are effective September 10, 2018

Second Quarter 2018 Accounting & Assurance Update

The developments included in this Accounting and Assurance (A&A) Update are intended to be a reminder of recently issued accounting and auditing standards and other guidance that may affect our cl

DHG's Comment Letter Response to the AICPA's Proposed Changes to the Auditor's Report

| May 15, 2018
More About | Assurance | Risk & Regulatory

Dixon Hughes Goodman LLP (DHG) has responded to the Auditing Standards Board’s (ASB) Proposed Statements on Auditing Standards

First Quarter 2018 Accounting & Assurance Update

The developments included in this Accounting and Assurance (A&A) Update are intended to be a reminder of recently issued accounting and auditing standards and other guidance that may affect our cl

FASB Discusses Accounting Issues Arising from Tax Reform

On January 10, 2018, the Financial Accounting Standards Board (FASB) met in order to discuss various accounting issues arising from the Tax Cuts and Jobs Ac

Fourth Quarter 2017 Accounting & Assurance Update

The developments included in this Accounting and Assurance (A&A) Update are intended to be a reminder of recently issued accounting and auditing standards and other guidance that may affect our cl

Accounting and Assurance 2017 Year End Update: Private Company Edition

This document is intended to summarize select assurance and accounting standard setting activities that may have an impact on 2017 year-end private company financial reporting. For the purpose of thi

Tax Reform - Impact on Financial Statements

If passed in a form resembling the current House and Senate proposals, tax reform will impact the financial statements of most every U.S. corporation.

Consider Accounting Office Consolidation at Your Multi-Store Dealership Group

| Nov 30, 2017
More About | Dealerships | Assurance | Performance & Growth

As dealerships continue to expand, the logistical and operational complexities of handling processes such as accounts payable,

Third Quarter 2017 Accounting & Assurance Update

The developments included in this Accounting and Assurance (A&A) Update are intended to be a reminder of recently issued accounting and auditing standards and other guidance that may affect o

Second Quarter 2017 Accounting & Assurance Update

The developments included in this Accounting and Assurance (A&A) Update are intended to be a reminder of recently issued accounting and auditing standards and other guidance that may affect o

First Quarter 2017 Accounting, Reporting and Auditing Developments

The developments included in this Accounting and Assurance (A&A) Update are intended to be a reminder of recently issued accounting and auditing standards and other guidance that may affect o

Targeted Improvements of the Accounting for Long-Duration Contracts

Publication | Mar 10, 2017
More About | Insurance | Assurance | Risk & Regulatory

The Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) on September 29, 2016 that is intended to improve financial reporting for insurance companies that issue long-duration contracts that are contained in ASC 944. Impacted companies would be those that issue long-duration contracts, including most life insurance and annuity products, disability income and long-term care insurance.

Revenue Recognition Standard: Implementation Considerations for the Construction Industry

| Feb 14, 2017
More About | Construction | Assurance | Revenue Recognition

In May 2014, the Financial Accounting Standards Board (FASB) issued a new revenue recognition standard – Accounting Standards Codification Update 2014-09, Revenue from Contracts with Customers – with the intent of unifying all previous industry driven revenue recognition guidance into one standard method, which would allow for consistency and comparability across industries.

Common Pitfalls of Business Combination Accounting

With recent merger announcements of companies like Starwood and Marriott, or AT&T and Time Warner, the appetite for business acquisitions is clearly back in full swing.

Accounting and Assurance Year End Update: Private Company Edition

This document is intended to summarize select accounting standard setting activities that may have an impact on 2016 year-end private company financial reporting. For the purpose of this publication, the term “private company” is used on the basis that the referenced entity is not a Public Business Entity, or otherwise would meet public company reporting requirements under U.S. GAAP.

Fourth Quarter 2016 Accounting, Reporting and Assurance Developments

Revenue Recognition: It’s Not Just About Revenue

Non-Revenue Issues to Keep in Mind for the Upcoming Standard ChangesIn 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts

Third Quarter 2016 Accounting, Reporting and Auditing Developments

alert | Sep 21, 2016
More About | Assurance

DHG's Comment Letter Response to the PCAOB's Proposed Changes to the Auditor's Report

Aug 16, 2016
More About | Assurance

Dixon Hughes Goodman LLP (DHG) has responded to the Public Company Accounting Oversight Board’s (PCAOB) Proposed Auditing Standard – The Auditor’s Report on an Audit of Financial ...

Leases: The New Standard

DHG TV | Jul 11, 2016
More About | Assurance | Lease Accounting

On February 25, 2016, the Financial Accounting Standards Board issued a new standard that will govern the accounting for lease contracts beginning with the 2019 calendar year-end for public companies

Second Quarter 2016 Accounting, Reporting and Auditing Developments

alert | Jul 05, 2016
More About | Asset Management | Assurance

First Quarter 2016 Accounting, Reporting and Auditing Developments

alert | Apr 07, 2016
More About | Asset Management | Manufacturing & Distribution | Assurance

(P)Lease Help! Understanding and Preparing for the New Lease Standard

On February 25, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, a new standard that will govern the accounting for lease contracts for public co

FASB Releases New Standard on Classification & Measurement of Financial Instruments

On January 5, 2016, the Financial Accounting Standards Board (FASB) published Accounting Standards Update (ASU) 2016-01, Financial Instruments Overall: Recognition and Measurement of Financial Asse...

Fourth Quarter 2015 Accounting, Reporting and Auditing Developments

alert | Dec 17, 2015
More About | Manufacturing & Distribution | Assurance

Tamara Vineyard Promoted to Partner at Dixon Hughes Goodman

news | Nov 20, 2015
More About | Tysons, VA | Assurance

Tysons, Va., November 18, 2015 – Tamara Vineyard has been named as the newest assurance partner for Dixon Hughes Goodman’s (DHG) Tysons, Virginia practice and the Metro Washington DC Ma...

DHG Announces Jimmy Sfiris as Partner in Assurance Services

news | Nov 13, 2015
More About | Greenville, NC | Audit, Reviews & Compilations | Assurance

Greenville, S.C., November 16, 2015 – Dixon Hughes Goodman LLP (DHG) is pleased to announce that Jimmy Sfiris was admitted into the firm’s partnership, effective November 1, 2015. Sfir...

Dixon Hughes Goodman Announces 16 New Partners and Principals

Charlotte, N.C., October 27, 2015 – DHG, one of the nation’s top 20 public accounting firms, is pleased to announce that the firm will admit 16 new partners and principals, effective

DHG’s Comment Letter Response to the PCAOB’s “Concept Release on Audit Quality Indicators”

Sep 30, 2015
More About | Assurance

Dixon Hughes Goodman LLP (DHG) has responded to the Public Company Accounting Oversight Board’s (PCAOB) Release No. 2015-005, Concept Release on Audit Quality Indicators. DHG acknowledges and...

Third Quarter 2015 Accounting, Reporting and Auditing Developments

alert | Sep 25, 2015
More About | Assurance

DHG’s Response to the PCAOB’s "Supplemental Request for Comment: Rules to Require Disclosure of Certain Audit Participants on a New PCAOB Form"

Aug 31, 2015
More About | Assurance

Dixon Hughes Goodman LLP (DHG) has responded to the Public Company Accounting Oversight Board’s (PCAOB) Supplemental Request for Comment: Rules to Require Disclosure of Certain Audit Particip...

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