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Assurance

ASC 842 and How to Determine an Appropriate Lease Discount Rate

One challenge that often comes up when companies begin applying the new lease accounting standard (ASC 842) is how to determine the appropriate interest rate to use to calculate the initial lease liability. In the…

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COVID-19 Business Support

The coronavirus pandemic has introduced uncertainty into every facet of our lives. We are concerned about the health and safety of our families and friends, and many of us are grappling with significant business issues…

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Is revenue recognition on your mind? Maybe it should be.

Updated revenue recognition guidance (ASC 606 – Revenue from Contracts with Customers) was supposed to have been implemented by private companies and most nonprofits in the fiscal years beginning after December 15, 2018. COVID-19 and…

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Rest Assured: How a SOC 2 Report Builds Trust with Your Customers that Their Data Is Secure

  You May be Putting Your Customers at Risk Every day, it seems, some new technology is released that promises to bring us closer together. But these innovations expose us to unforeseen risks and challenges….

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How To Make Your Audit More Efficient (And Less Painful)

“Hooray! It’s audit day,” said no one, ever! Independent audits are a necessary, if not very fun, fact of life for many businesses. They provide reasonable assurance to you, your lenders, investors or potential buyers…

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Lease Accounting: How to Prepare Now to Avoid Violating Debt Covenants

CFOs of private companies and their finance departments have likely been busy in the past months with time-consuming projects such as implementing the complex new revenue recognition standard. An unfortunate consequence may be that they…

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DO MORe NOW: Five Reasons Why Time is of the Essence to Implement ASC 606

The Financial Accounting Standards Board (FASB) issued ASC 606—Revenue from Contracts with Customers, in May 2014, which will replace nearly all current revenue recognition guidance for private companies beginning in January 2019. Most public companies…

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Benny Herman Joins Williams Benator & Libby, LLP as Assurance Senior Manager

The partners of Williams Benator & Libby, LLP (WBL) are pleased to announce that Leroy “Benny” Herman, Jr. has joined the firm’s Assurance Services department as a senior manager. Benny has more than 17 years…

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Nonprofit Financial Statement Red Flags: The Board Member’s Role in Combating Fraud

The Director’s primary role on a nonprofit board is to make strategic decisions that impact the operations of their organization. In addition, they can and should take an active role in protecting their organization from…

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New Revenue Recognition Standards Announced: What Mid-Size Companies Should Do Now to Prepare

After almost a decade of discussion, analysis and planning, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have issued new rules for how companies report revenue on their financial statements….

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How to Survive Your Annual Audit

Does your company undergo an annual audit, or is it about to be audited for the first time? If so, it’s likely that just the term “audit” strikes fear into year heart. An audit can…

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Internal Controls on a Shoestring: Five Effective Fraud-Fighting Strategies for Nonprofits

Nonprofits may be more susceptible to fraud than many other organizations. With their missions of helping others and serving the public at large, most people think that no one would steal from a nonprofit organization. …

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