As one of the larger professional service firms in the nation, we are uniquely positioned to serve public and privately owned and dynamic middle market companies in many industries. As a public accounting firm, UHY LLP offers the full range of audit and assurance services including:
UHY LLP also provides other attest services outside the realm of traditional audits including:
Our professionals, working in an alternative practice structure with UHY Advisors, Inc., are also available to meet your other financial reporting needs, including:
On March 4 the Financial Accounting Standards Board issued a draft proposal ASU 2019-400: Compensation - Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606) that modifies ASU 2018-07: Compensation - Stock Compensation (718): Improvements to Nonemployee Share-Based Payment Accounting and is intended to further improve upon the measurement and recording of share-based compensation awarded to customers in conjunction with selling goods or services.
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.
The AICPA's Financial Reporting Executive Committee has released a working draft on Inventory Valuation guidance, which will be part of the upcoming release of its Business Combinations Accounting and Valuation Guide.
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.
Tax reform provides an opportunity for simplification and tax relief for "small" businesses. Under the Act, a small business is defined as a taxpayer with average gross receipts during the previous three tax years of $25,000,000 or less. The $25,000,000 limit will be indexed for years after 2018. So what are qualifying taxpayers eligible for?