The Financial Accounting Standards Board (“FASB”) is providing some relief to private companies affected by COVID-19 by approving a delay in the implementation of certain accounting standards. The FASB acknowledges that many non-public business entities rely heavily...
CDH, P.C. Welcomes Patrick Brennan as Assurance Principal
CDH, P.C. is pleased to announce Patrick Brennan as its newest Principal, effective October 12, 2020. Patrick joins the firm’s growing Assurance practice bringing more than 25 years of public accounting and private industry experience in accounting including audit,...
Pandemic Effects on Accounting for AR and Inventory
The COVID-19 pandemic has had significant impact on businesses and the economy. While the full extent and duration remains unclear, how the pandemic affects the accounting of accounts receivable and inventory needs to be considered. Collectability of Accounts...
Accounting for Forgivable Loans
Assurance, COVID-19 Resources, News
Congress established the Paycheck Protection Program (PPP) to provide relief for small businesses as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES), and there have been a lot of questions and uncertainty around the program. The AICPA has...
Relief for Private Companies on Effective Date for ASC842: Accounting for Leases
With most companies still preparing for the implementation of the new revenue recognition standards (ASC 606), a request was made to the Financial Accounting Standards Board (“FASB”) to delay the effective date of the new lease standards (ASC 842). In July 2019, a...
Is Personal Data Putting Your Business at Risk
Does your business have any type of data privacy program? If not, it is well past time to put data privacy on the list of corporate priorities. It might help to start by clarifying exactly what is meant when we speak of data privacy. Data privacy relates to how...
Revenue Recognition- Lessons from Public Co Adoption
Revenue Recognition – Bite-Size Education Lessons from Public Company Adoption Lessons from Public Company Adoption: The new Standard often requires companies to obtain new information to meet the accounting and disclosure requirements Even though the effect on...
ASC606- Revenue Recognition Standards
The biggest accounting standards change since the implementation of the Sarbanes Oxley Act back in 2002 is hitting the accounting profession – a change to the revenue recognition standards. This new standard, known as Accounting Standards Codification (“ASC”) 606-...
ASC 606 – The New Revenue Recognition Standard Will Change How Companies Recognize Revenue. Are You Ready?
The new standard requires significant management judgement and the changes will impact software, procedures, systems, and financial reporting. CDH is here to discuss these changes with you and be your trusted resource. How will these changes affect my business...
ASC 606 & IFRS 15 – Are You Ready?
Here is an interesting article about the new revenue recognition rule (ASC 606) and accounting software requirements. By Intacct Staff Writer To start, both private and public companies are facing the biggest accounting change in a decade. The new standard...
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