When I graduated from the University of Scranton four years ago, I entered a world full of potential. I had the freedom to pursue my goals and explore my passions – I could become whatever I envisioned. But with freedom to explore comes the difficulty of forging a new path forward. I knew that I was headed towards a career in the financial field, and I knew that I didn’t want to end up as another cog going in circles in a giant corporate machine. I wanted to challenge myself and solve problems; to be invested in the results I produced and make an impact I could actually see. Read More “Why I Am AC Lordi: Katie Smart”
As I send my oldest son into the workforce, I’ve been reflecting on those who shaped my professional journey. Most people, if they’re lucky, have at least one boss that becomes more than a manager; they become a mentor.
Read More “8 Priceless Lessons My First Boss Taught Me”
In today’s global environment, many companies have operations that require maintaining their books of record in multiple currencies. Surprisingly enough, determining the appropriate currency to use for each entity is not always as easy as simply using the entity’s local currency.
For years, employee benefit plan audits were considered “busy work” for the summer by many audit firms. Over the last decade and a half, however, they have become recognized as complex audits. There are a great deal of rules to the Employee Retirement Income Security Act of 1974 (ERISA). Failure to comply with these regulations could result in fines, penalties or even loss of qualified status.
Despite routinely hiring the best and brightest MBAs from top business schools to evaluate (and value) investment and divestiture opportunities, many private equity (PE) firms continue to face questions on fair value measurements from their limited partners (LPs), accounting firms and regulators.
As most are aware by now, the Financial Accounting Standards Board issued ASC 606, Revenue from Contracts with Customers, in May 2014. In August 2015, implementation of the new standard was deferred one year. Generally, what that means is that public companies will have to begin to apply the new standard beginning with the calendar year 2018. Private companies have the election of deferring application until calendar year 2019. While this timing may sound far away to some, most companies should begin the analysis and implementation process now.
After years of debate and several iterations of exposure drafts, the Financial Accounting Standards Board (FASB) finally issued ASU No. 2016-02 in February 2016. This ASU established a new section within the codification as ASC 842 which, when effective, will supersede the previous lease guidance within ASC 840.
Read More “New Standard Alert! Answers to Five Questions on the New Lease Accounting Standard“