This document summarizes recent trends in accounting and financial reporting standards. It discusses upcoming changes to lease accounting that will require capitalization of all leases. It also covers updates to revenue recognition, derivatives reporting, and other comprehensive income presentation standards. Additionally, it introduces a new financial reporting framework for small and medium-sized entities issued by the AICPA as an alternative to U.S. GAAP.
[Podcast] Time to prepare... for lease accounting changesJLL
The lease accounting changes will have a significant impact on your business - from finance to operations to technology! Don’t wait to begin the planning process. Learn from a panel of real estate and accounting experts in a discussion on the key aspects of the revised accounting requirements and their impact on your bottom line.
[Podcast] Time to prepare... for lease accounting changesJLL
The lease accounting changes will have a significant impact on your business - from finance to operations to technology! Don’t wait to begin the planning process. Learn from a panel of real estate and accounting experts in a discussion on the key aspects of the revised accounting requirements and their impact on your bottom line.
Preparing for the new lease accounting standard can seem like a daunting task. In this webinar, we reviewed how you can handle and prepare to navigate your business through the new lease accounting standard in 2022.
A profit and loss statement is a financial statement that reports on revenue, operating costs and expenses incurred by an entity within a nominated period of time.
Finance for Non Financial Managers 6th Edition Bergeron Test BankSandraBentonss
fULL DOWNLOAD : https://alibabadownload.com/product/finance-for-non-financial-managers-6th-edition-bergeron-test-bank/ Finance for Non Financial Managers 6th Edition Bergeron Test Bank , Finance for Non Financial Managers,Bergeron,6th Edition,Test Bank
Lease Accounting: Preparing Your Business for 2022Citrin Cooperman
Making a smooth transition to the new lease accounting standards and putting new practices in place for the future is a top priority for any business as they plan for 2022. During this webinar session, we reviewed how you can handle and prepare to navigate your business through the new lease accounting standards.
Topics included:
- What private companies should think about for 2022
- How the lease accounting standards can impact your financial
statements, financial covenants, and taxes
- Identifying opportunities for your business due to the new lease
accounting standards
Preparing for the new lease accounting standard can seem like a daunting task. In this webinar, we reviewed how you can handle and prepare to navigate your business through the new lease accounting standard in 2022.
A profit and loss statement is a financial statement that reports on revenue, operating costs and expenses incurred by an entity within a nominated period of time.
Finance for Non Financial Managers 6th Edition Bergeron Test BankSandraBentonss
fULL DOWNLOAD : https://alibabadownload.com/product/finance-for-non-financial-managers-6th-edition-bergeron-test-bank/ Finance for Non Financial Managers 6th Edition Bergeron Test Bank , Finance for Non Financial Managers,Bergeron,6th Edition,Test Bank
Lease Accounting: Preparing Your Business for 2022Citrin Cooperman
Making a smooth transition to the new lease accounting standards and putting new practices in place for the future is a top priority for any business as they plan for 2022. During this webinar session, we reviewed how you can handle and prepare to navigate your business through the new lease accounting standards.
Topics included:
- What private companies should think about for 2022
- How the lease accounting standards can impact your financial
statements, financial covenants, and taxes
- Identifying opportunities for your business due to the new lease
accounting standards
This presentation will address various challenges in the application of tax provisions under ASC 740, Accounting for Income Taxes. The discussion will focus on complexities related to the calculation and reporting of valuation allowances, deferred taxes, interim taxes, intraperiod tax allocation, uncertain tax positions, and financial statement presentation.
For more information visit www.heincpa.com.
This presentation will also provide a year end update of the technical accounting standards (ASU’s), proposed standards that are in Exposure Drafts (ED’s), and the projects of the FASB going forward.
During the presentation attendees can expect to learn the following:
Gain an understanding of the most significant changes in accounting standards over the past 12 months
Become familiar with the proposed changes that the FASB has issued in Exposure Drafts
Acquire knowledge of the big projects that the FASB will address next
After this webinar attendees will be able to answer:
What changes has the FASB made over the past year?
How will these changes impact you and your organization?
What areas will the FASB focus on next?
Finvision impact series 1 - ed leases - lessee accountingFinvision
IFRS accounting - Exposure draft on lease accounting has been released recently. The presentation gives an brief overview on the basic principles and how it may impact your organization
This presentation provides an update on both recently issued and forthcoming pronouncements of the Financial Accounting Standards Board (FASB). Through this presentation, you should be able to identify what changes are effective for your 2015 financial statements, including changes you may choose to early adopt.
Partner Janice Snyder discussed the recent changes made by the Financial Accounting Standards Board and how those changes will impact you and your organization.
A process server is a authorized person for delivering legal documents, such as summons, complaints, subpoenas, and other court papers, to peoples involved in legal proceedings.
ZGB - The Role of Generative AI in Government transformation.pdfSaeed Al Dhaheri
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Russian anarchist and anti-war movement in the third year of full-scale warAntti Rautiainen
Anarchist group ANA Regensburg hosted my online-presentation on 16th of May 2024, in which I discussed tactics of anti-war activism in Russia, and reasons why the anti-war movement has not been able to make an impact to change the course of events yet. Cases of anarchists repressed for anti-war activities are presented, as well as strategies of support for political prisoners, and modest successes in supporting their struggles.
Thumbnail picture is by MediaZona, you may read their report on anti-war arson attacks in Russia here: https://en.zona.media/article/2022/10/13/burn-map
Links:
Autonomous Action
http://Avtonom.org
Anarchist Black Cross Moscow
http://Avtonom.org/abc
Solidarity Zone
https://t.me/solidarity_zone
Memorial
https://memopzk.org/, https://t.me/pzk_memorial
OVD-Info
https://en.ovdinfo.org/antiwar-ovd-info-guide
RosUznik
https://rosuznik.org/
Uznik Online
http://uznikonline.tilda.ws/
Russian Reader
https://therussianreader.com/
ABC Irkutsk
https://abc38.noblogs.org/
Send mail to prisoners from abroad:
http://Prisonmail.online
YouTube: https://youtu.be/c5nSOdU48O8
Spotify: https://podcasters.spotify.com/pod/show/libertarianlifecoach/episodes/Russian-anarchist-and-anti-war-movement-in-the-third-year-of-full-scale-war-e2k8ai4
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
What is the point of small housing associations.pptxPaul Smith
Given the small scale of housing associations and their relative high cost per home what is the point of them and how do we justify their continued existance
This session provides a comprehensive overview of the latest updates to the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (commonly known as the Uniform Guidance) outlined in the 2 CFR 200.
With a focus on the 2024 revisions issued by the Office of Management and Budget (OMB), participants will gain insight into the key changes affecting federal grant recipients. The session will delve into critical regulatory updates, providing attendees with the knowledge and tools necessary to navigate and comply with the evolving landscape of federal grant management.
Learning Objectives:
- Understand the rationale behind the 2024 updates to the Uniform Guidance outlined in 2 CFR 200, and their implications for federal grant recipients.
- Identify the key changes and revisions introduced by the Office of Management and Budget (OMB) in the 2024 edition of 2 CFR 200.
- Gain proficiency in applying the updated regulations to ensure compliance with federal grant requirements and avoid potential audit findings.
- Develop strategies for effectively implementing the new guidelines within the grant management processes of their respective organizations, fostering efficiency and accountability in federal grant administration.
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
2024: The FAR - Federal Acquisition Regulations, Part 36
Accounting and Financial Reporting Trends
1. Accounting and Financial Reporting
Trends
T.J. Boyle
June 20, 2013
Relationships backed by performance.
2. What’s New
• Leases
• Revenue Recognition
• Derivatives
• Other Comprehensive Income
• AICPA Accounting for Small and Midsize
Companies (SME’s)
3. Leases
• Potentially biggest accounting changes in
decades!!
• What’s the big deal
– Debt covenants
– Industries – leasing companies
4. Lease Accounting
• Biggest item – capitalize all leases
• Slow moving to finalize
– 2010 – exposure draft
– May 2013 – updated exposure draft
• Comment period until September
5. Lease Accounting
• Core principle – Entity would recognize
assets and liabilities for all leases
• Right to use asset – which is depreciated
• Lease liability – which has an interest
component
6. Types of Leases
• Type A lease – leases other than property
(ex. Equipment, vehicles, etc.)
– Recognize a right-of-use asset and a lease
liability, initially measured at the present
value of lease payments
– Recognize the unwinding of the discount on
the lease liability as interest separately from
the amortization of the right-of-use asset.
7. Types of Leases (cont.)
• Type B lease - leases of property (land
and/or a building or part of a building)
– Recognize a right-of-use asset and a lease
liability, initially measured at the present
value of lease payments
– Recognize a single lease cost, combining the
unwinding of the discount on the lease liability
with the amortization of the right-of-use
asset, on a straight-line basis.
8. Leases – Income Statement
• Type A - Lessees may present
amortization and interest expense
separately or combined with other amort.
& int. If combined must disclose in notes.
• Type B- Lessees would present lease
expense as a single line item of lease
expense.
9. Leases – Cash Flows
• Type A – would be recorded with interest
in operating and principal in financing
(similar to debt)
• Type B – Cash payments for lease
payments would be presented in
operating.
10. Short term leases
• As an accounting policy decision, a lessee
may recognize the lease payments in
profit or loss on a straight-line basis over
the lease term.
• Similar to an operating lease.
• At the commencement date has a
maximum possible term, including any
options to extend of 12 months or less.
• Cannot have purchase option.
11. Lessors - Practical View
• For lessors the practical classification for
type A and type B leases is whether or not
the lease term is expected to consume a
significant portion of the economic benefits
embedded in the underlying assets
12. Lessor
• Type A lease
– Derecognize the underlying asset and
recognize a right to receive lease payments
and a residual asset
– Recognize the unwinding of the discount on
both the lease receivable and the residual
asset as interest income over the lease term
– Recognize any profit relating to the lease at
the commencement date.
13. Lessor
• Type B lease
– Continue to recognize underlying asset
– Recognize lease income over the term,
typically a straight line basis
14. Revenue Recognition
• Entity should recognize revenue to depict
the transfer of promised goods or services
to customers in an amount that reflects the
consideration to which the entity expects
to be entitled in exchange for those goods
or services
• Overall should not effect pork producers
significantly
15. Revenue
• 1. Step 1: Identify contract w/ customer.
• 2. Step 2: Identify separate performance
obligations in the contract.
• 3. Step 3: Determine the transaction price.
• 4. Step 4: Allocate the transaction price to
the separate performance obligations
• 5. Step 5: Recognize revenue when (or
as) performance obligation is satisfied.
16. Derivatives
• Changes in the last few years are for
disclosures
• Must track transactions through year
17. Derivatives – Key disclosures
• Reason for derivative instrument
• Volume of activity
• Fair value on a gross basis
• By type (cash flow hedges, fair value
hedges, undesignated positions)
• Gains and loss (for cash flow hedge must
show by effective and ineffective portion)
18. Other Comprehensive Income
• Presentation Change
– No longer allowed to include in Statement of
Equity
– Options
• Continuous part of income statement
• Separate but consecutive statement
• Must show by components
• In future must disclose in OCI – additional
reclassification information
19. Other New GAAP Pronouncements
• Most are very industry or event specific.
• 2013-01 – Balance Sheet – Offsetting
– Show gross amounts as disclosure
• 2012 - Goodwill and indefinite lived
intangibles – now can use qualitative
assessment
20. New Basis of Reporting
• 2013 – AICPA release Financial Reporting
Framework for Small & Midsized Entities
(SME’s)
• Purpose – To be a more usable framework
for small business owners and their users
• This is not GAAP
22. Who is a SME?
• For profit company
• Does not have regulatory reporting
requirements
• Owners and management do not intend
on going public
• Does not engage in overly complex
accounting
• Does not have significant foreign ops.
23. Key Similarities GAAP
• Financial statements include Financial
Position, Income, Equity and Cash flow
(although it is allowed to just have one
such as financial position)
• Notes are still required to make them
understandable
• Many of the basics remain the same
24. Key Differences to U.S. GAAP
• Start-up costs –
– GAAP – expense as incurred.
– SME- policy decision – expense or amortize
over 15 years
• Goodwill –
– GAAP do not amortize, assess for impairment,
– SME – amortize on income tax method or 15
years
25. Key Differences (cont.)
• Stock Compensation
– GAAP – measure expense at FV, numerous
disclosures and calculations
– SMEs – no recognition
• Taxes
– GAAP – deferred tax method
– SMES – policy decision for deferred tax or
taxes payable method
• Taxes payable – only current amounts due/owed
26. Key Differences (cont.)
• Consolidation –
– GAAP – based on control
– SMEs – policy decision to consolidate or use
equity method
• Leases
– GAAP – looking to change as discussed earlier
– SME’s – essentially no change from current
GAAP
27. Key Differences (cont.)
• Push-down accounting
– GAAP – little info, SEC allows when control
changes 80%
– SME’s allows when change is 50%
• Derivatives
– GAAP – record at fair value
– SME’s - recognize the net cash paid or
received at settlement.
28. Key Differences (cont.)
• Investments
– GAAP – Equity Method, Cost Method and Fair
Value Option
– SME’s – no fair value option, fewer required
disclosures for Equity Method
• Changes in accounting policies
– GAAP – retrospective application required
– SME’s – retrospective application not required
when it is impracticable