From the Sarbanes-Oxley Act of 2002 (SOX) to Dodd-Frank to the JOBS Act in 2012, you know that your company’s regulatory landscape changes rapidly and we do too. Keeping up with new regulation is not an easy task, but you can be sure that our firm is well-versed in the most current audit and attest service needs of your company. Some of our credentials include:
Our partners are actively involved with a variety of professional organizations including state boards of accountancy and boards of CPA state societies, which gives our professionals the most up-to-date information regarding the challenges facing your industry and its changing business risks. Our involvement in these organizations also provides valuable resources for our professionals and our clients. As a publicly reporting entity, there are a number of services that you may need, including:
Access to Capital Markets and Underwriters/Advisors
Our clients are represented on all U.S. markets. As a member firm of UHY International, we can provide our clients with resources in business centers strategically located around the globe.
Our audit clients successfully access the capital markets, due in part to:
Our clients also grow successfully through mergers and acquisitions with the same excellent assistance from us. We are focused on helping our clients achieve their strategic growth goals.
The Financial Accounting Standards Board has released Accounting Standards Update No. 2018-17, "Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities," expanding the nonpublic company alternative that allows nonpublic companies to elect not to apply VIE guidance to legal entities under common control.
FASB issued ASU 2018-11, which contains targeted improvements to Topic 842 Leases. Among the targeted improvements are a transitional method for reporting during the adoption period and clarification on separating components of a contract for lessors as they relate to FASB's new revenue guidance Topic 606 Revenue from Contracts with Customers. Topic 842 significantly alters current lease accounting under US GAAP. The new standard removes the current approach of classifying leases as either capital or operating leases.
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.
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.