Posts by Michael Piessens

lease accounting deadline
New Leasing Standard Deadline for Private Companies, Nonprofits Approaching

The new leasing standard for private companies and private nonprofits will be effective for fiscal…

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FASB Variable Payments
New Lease Accounting Guidance for Certain Leases With Variable Payments

FASB issued guidance to address the day-one loss issue related to a lessor’s accounting for…

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FASB
FASB Offers Goodwill Impairment Alternative to Private Businesses, Nonprofits

FASB will allow provide private companies and nonprofits to use an accounting alternative to evaluate…

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Transfer Pricing and LIBOR Transition
Transfer Pricing Considerations for LIBOR Transition

Given the scope of the impact of the LIBOR phase-out at the end of 2021,…

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Revenue Recognition for Franchises
Revenue Recognition Simplified for Franchises

FASB recently released an accounting standards update to provide a “practical expedient” allowing privately-owned franchise…

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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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