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Returning Value Blog

On-time Financial Reporting Is Key in Times of Crisis

Posted by Melissa Motley, CPA on Sep 18, 2020

Many companies are struggling as a result of shutdowns and restructuring during the COVID-19 crisis. To add insult to injury, some have also fallen victim to arson, looting, or natural disasters in 2020.

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Posted in Audit & Assurance

Levels of Assurance: Choosing the Right Option for Your Business Today.

Posted by Aaron K. Waller, CPA on Sep 09, 2020

The COVID-19 crisis is causing private companies to re-evaluate the type of financial statements they should generate for 2020. Some are considering downgrading to a lower level of assurance to reduce financial reporting costs — but a downgrade may compromise financial reporting quality and reliability. Others recognize the additional risks that work-from-home and COVID-19-related financial distress are causing, leading them to upgrade their assurance level to help prevent and detect potential fraud and financial misstatement schemes.

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Posted in Audit & Assurance

External Audits Offer Many Benefits to Nonprofits

Posted by Melissa Motley, CPA on Jul 30, 2020

Your nonprofit organization may be required to hire an independent outside CPA to audit its books, depending on its annual gross receipts and other factors. Even when external audits aren’t mandated, however, they’re often recommended. These audits can provide assurance to donors and other stakeholders that your organization is operating with integrity and within acceptable accounting guidelines.

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Posted in Audit & Assurance

Reporting Embedded Leases

Posted by Aaron K. Waller, CPA on Jul 14, 2020

In 2016, the Financial Accounting Standards Board (FASB) published guidance that requires major changes to how leases are reported on financial statements. One area of the guidance that’s especially complicated relates to “embedded” leases.

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Posted in Audit & Assurance

Accounting for Cloud Computing Arrangements

Posted by Melissa Motley, CPA on Jul 08, 2020

The costs to set up cloud computing services can be significant, and many companies would prefer not to immediately expense these setup costs. Updated guidance on accounting for cloud computing costs aims to reduce differences in the accounting treatment for these arrangements. In a nutshell, the changes will spread more of the costs of implementing a cloud computing contract over the contract’s life than under existing guidance.

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Posted in Audit & Assurance

Asset Impairment Is Expected to Hit 2020 Financial Statements

Posted by Aaron K. Waller, CPA on Jun 22, 2020

Some companies are expected to report impairment losses in fiscal year 2020 because of the COVID-19 crisis. Depending on the nature of your operations and assets, the pandemic could be considered a “triggering event” that warrants interim impairment testing.

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Posted in Audit & Assurance

Revenue Recognition and Leases: FASB Gives Certain Entities More Time

Posted by Melissa Motley, CPA on Jun 02, 2020

Private companies and most nonprofits were supposed to implement updated revenue recognition guidance in fiscal year 2019 and updated lease guidance in fiscal year 2021. In the midst of the novel coronavirus (COVID-19) crisis, the Financial Accounting Standards Board (FASB) has decided to give certain entities an extra year to make the changes, if they need it.

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Posted in Audit & Assurance

CARES Act Provides Option to Delay CECL Reporting

Posted by Melissa Motley, CPA on Apr 03, 2020

The Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law on March 27. Among other economic relief measures, the new law allows large public banks to temporarily postpone the controversial current expected credit loss (CECL) standard. Here are the details.

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Posted in Audit & Assurance

How to Use Visual Aids in Financial Reporting

Posted by Aaron K. Waller, CPA on Apr 01, 2020

Thanks to the Internet and social media, we’re bombarded daily with all kinds of information. As a result, most people prefer clear, concise snippets of data over lengthy text. Have your financial statements kept up with today’s data-consumption trends?

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Posted in Audit & Assurance

Beware: Coronavirus May Affect Financial Reporting

Posted by Melissa Motley, CPA on Mar 16, 2020

The coronavirus (COVID-19) outbreak — officially a pandemic as of March 11 — has prompted global health concerns. But you also may be worried about how it will affect your business and its financial statements for 2019 and beyond.

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Posted in Audit & Assurance

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