Posts by Michael Piessens

LIBOR Considerations for Accounting
FASB Provides Optional Relief for Contracts and Transactions Affected by Reference Rate Reforms

Earlier this year, the FASB provided optional expedients and exceptions for applying U.S. GAAP to…

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Complex Financial Instruments
FASB Simplifies Accounting for Complex Financial Instruments

FASB simplified the accounting for convertible instruments by eliminating large sections of the existing guidance…

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Rev Rec and Leases Standards Delayed
Leasing and Revenue Recognition Standards Delayed for Some Private Companies

The FASB has formally approved a one-year deferral of the effective date of ASC 842, Leases, for…

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Impact of CARES Act on Going Concern
COVID-19 Impacts on Going Concern Assessments

The COVID-19 crisis will put pressure on each entity’s going concern assessment and having a…

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Lease Accounting Standard Delayed
FASB Votes to Defer the Effective Date of ASC 842

This week, FASB voted in favor of a one-year deferral of the effective date of…

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Accounting Considerations During COVID-19
Accounting & Reporting Considerations During the COVID-19 Pandemic

With the continued spread of COVID-19 and its overwhelming effect on the global economy, we…

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Revenue Recognition for Software as a Service
How SaaS Providers Are Tackling Revenue Recognition: Part 2

In Part Two of this series, MFA details how software-as-a-service (SaaS) providers are tackling revenue…

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Revenue Recognition for SaaS Providers
Revenue Recognition for SaaS Providers: Part 1

How software-as-a-service (SaaS) providers can comply with revenue recognition guidelines, e.g. determining contract terms, and…

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Lease Accounting: Road to Compliance Checklist

While the FASB recently affirmed the deferral of ASU 2016-02 (Topic 842, leases) for private…

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Convention Center
The New Leasing Standard Is Delayed, But the Time to Prepare is Now

Although the FASB recently deferred the effective date of the new standard for private companies…

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