At UHY LLP, our professionals take great pride in being at the forefront of the services we provide and the industries we serve. It’s all a part of what we call The Next Level of Service. Because of our philosophy, you can be sure our firm is on top of the latest technical developments to make your audit a seamless and hands-on process. Our professionals are deeply invested in a number of audit related activities, including:
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UHY LLP, in an alternative practice structure with UHY Advisors, Inc., also provides other services you may require, including:
The effective date of the new lease accounting standard, Accounting Standard Update (ASU) No. 2016-02, Leases (Topic 842), is quickly approaching with an effective date for fiscal years ending after Dec. 15, 2018 and Dec. 15, 2019 for public and non-public companies respectively. ASU 2016-02 is the first major change in lease accounting in over 30 years following the issuance of Statement of Financial Accounting Standards (SFAS) No. 13 in 1976 . Working towards convergence with International Financial Reporting Standards (IFRS) and generally accepted accounting principles (GAAP), and greater transparency are a couple of the major driving forces behind the new standard.
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Recently, FASB issued ASU No. 2017-11, which changed the accounting for down round features and indefinite deferrals.
The Financial Accounting Standards Board (FASB) issued a new Accounting Standard Update in early 2017 (ASU 2017-05) to clarify guidance on Accounting Standard Codification (ASC) Subtopic 610-20 - Gains and Losses from the Derecognition of Nonfinancial Assets. All public entities should apply the amendments in ASU 2017-05 to annual reporting periods beginning after Dec. 15, 2017.
The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) 2017-08 to update the amortization period of certain callable debt securities held at a premium, requiring the premium to be amortized to the earliest call date. Entities generally amortize the premiums and discounts on callable debt securities over the contractual life of the instrument under current GAAP.
The Financial Accounting Standards Board (FASB) released Accounting Standards Update (ASU) 2017-01 in order to have more consistent application of accounting principles relating to business and asset acquisitions and disposals. The ASU aims to achieve this by clarifying the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses.