Posts by Michael Piessens

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Proposed Income Regulations Provide Clarity for Accrual Method Taxpayers

On September 5, 2019, the IRS and Treasury released proposed regulations addressing the timing of…

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FASB Proposes to Defer Effective Dates of Major New Accounting Standards

The proposed ASU reflects a new FASB viewpoint about effective dates that would stagger the…

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Presentations and Disclosures for Lease Accounting

During deliberations for the standard, many users indicated that the existing disclosure requirements did not…

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Understanding the New Leasing Standard: Definition of a Lease

Under its core principle, a lessee will recognize right-of-use (“ROU”) assets and related lease liabilities…

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Revenue Recognition Considerations for Retailers

Revenue recognition remains a important topic as the changes affect every business. Previously, we put…

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Revenue Recognition Readiness
Revenue Recognition Readiness

On May 28, 2014, the Financial Accounting Standards Board (FASB) and the International Accounting Standards…

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What Nonprofits Need to Know About Revenue Recognition
What Nonprofits Need to Know About Rev Rec

With ASC 606 – the Financial Accounting Standards Board’s (FASB) new revenue recognition standard –…

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FASB Issues Technical Corrections and Improvements to its Recent Financial Instruments Guide
FASB Issues Technical Corrections & Improvements to Its Recent Financial Instruments Guidance

The FASB issued ASU 2018-03[1] to address questions raised about its recent standard on financial instruments,…

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Significant Accounting and Reporting Updates
Significant Accounting & Reporting Updates

The Financial Accounting Standards Board (FASB) recently posted a Q&A stating its staff would not…

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Private Companies and Nonprofit Entities Can Apply SAB 118
Private Companies, Nonprofit Entities Can Apply SAB 118

The FASB staff would not object to private companies and nonprofit entities applying SAB 118…

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