Mark Dauberman is joining the CalCPA Accounting and Auditing conference to help Accelerate the Growth of Your Practice! He will be covering multiple topics including issues raised by SSARS 21 and making sure your practice is within compliance. Check out Mark’s video below for more information and be sure to register to be in Burbank, April 24-25!
You’ll want to be at CalCPA’s Accounting and Auditing Update to be on your Accelerated Path! Kim McCormick session will be covering all there is to know to know about accounting in the non-profit sector, and all that comes. Check out her video here for more details and register to attend the two day session LIVE in Burbank or Virtually!
Accelerate Your Knowledge! With this year’s CalCPA Accounting and Auditing Update Keynote speaker Kristy Illuzzi! With multiple sessions you don’t want to miss out on all the new accounting update information Kristy will be giving. Check out her video here to hear more on her sessions and what you can expect at CalCPA Accounting and Auditing Update, April 24-25 in Burbank, CA!
Accelerate Your Profession! Howard Sibelman. He will be given multiple sessions at this year’s upcoming CalCPA Accounting and Auditing Update. Check out Howards video to hear exactly what he will be discussing and intriguing questions he will be covering! Want more? – Register for April 24-25 LIVE or VIRTUALLY!
Do You Want to Accelerate? Then register now for CalCPA Accounting and Auditing Update April 24-25 in Burbank, CA to learn more about group audit standards and the consequences that may come along with that. Check out Brains video here to learn more!
Join Summer Taylor at this year’s CalCPA Accounting and Auditing Update and be a part of her session on topics such as understanding broader implications from revenue, lease accounting, and the simplification initiatives being put in to place in the upcoming years. She’ll also be answering questions such as; What are we going to need to have to change in the next five years? Check out Summer’s video here for more on what will specifically be covered and make sure to reserve your spot to hear her entire session on April 24 at 4:25 p.m.
Join Bill O’Brien at this year’s Accounting and Auditing Update Conference where he’ll expand on how you can accelerate your client’s global business and financing opportunities. His session, “IFRS V. GAAP – Who Cares?” will help financial professionals and advisors be aware of IFRS basics and significant differences from US GAAP. Check out his invitation to join him on April 25 at 8:05 a.m.
The “Rule of Three” is a principle that suggests that things that come in threes are funnier, more satisfying, or more effective than other numbers of things. The audience is therefore more likely to remember the information. Think “Three Amigos,” “Three Little Pigs,” “Three Musketeers,” or “Three Stooges.” Apparently, the rule of three applies to accounting as well. Over the next three years (Coincidence? I think not), non-public entities will have to make, on average, three significant changes to their financial statements per year. As part of its simplification efforts and technical agenda, the FASB has been rapidly issuing new ASU’s (Accounting Standard Updates) that will continue to change accounting practices for many years to come. While these aren’t the only changes, they are (in my view) some of the more significant items that will require many companies to take action.
What are three significant changes you need to think about for 2017(*)? I’ll give you a hint. Two are Simple. One is, well, Technical. Do you know which is which?
• Inventory Valuation – entities will move from accounting for inventory at the lower of cost or market to the lower of cost or net realizable value under ASU 2015-11. (^)
• Acquisition Measurement Period Adjustments – entities will no longer be required to reflect Measurement Period adjustments related to acquisitions on a retrospective basis under ASU 2015-16 (^)
• Variable Interest Entity Consolidation (or Deconsolidation) – entities will need to reconsider its variable interest entities, particularly the existence of kick out rights and substantive participation rights, and either consolidate or deconsolidate under ASU 2015-02. (+)
Looking ahead to 2018 (*), non-public entities will need to update their accounting for the following significant changes. Again, two are simple, one is technical:
• Changes to non-current classification of deferred tax assets and liabilities under ASU 2015-17 (^)
• Changes in the tax effects, cash flow impacts and forfeiture policies related to stock based compensation under ASU 2016-09 (^)
• Changes in the presentation of Not for Profit Financial Statements under ASU 2016-14 (+)
Finally, looking at 2019, this is when the simple ends, and the technical takes center stage. Key changes this year will include:
• Changes in Restricted Cash presentation under ASU 2016-18 (+)
• Changes in Recognition and Measurement of Equity Instruments under ASU 2016-01 (+)
• Changes in Revenue recognition under ASC 606 (+)
I’d be remiss if I didn’t mention the “Plus One” in 2020, and that is Lease Accounting. This one topic is really large enough on its own to warrant a year unto itself, which it currently has. But history might suggest that Lease Accounting will have some “Amigos” of its own in due time. I’m sure if you asked the FASB members, they would confirm that the Rule of Three as it relates to these changes will result in more effective financial statements, which should be more meaningful to the users of the financial statements. The great news is that the next two years will shift us to simpler accounting models for many transactions, which gives us more time to get ready for the more complex items coming our way in 2019 (and beyond). My advice? Don’t procrastinate when thinking about these more significant changes! You never know what additional changes may be coming our way!
By, Summer Taylor
(*) Implementation dates assume a fiscal year end of December 31.
(^) Issued as part of the FASB’s simplification initiative
(+) Recently completed as part of the FASB’s ongoing technical projects