Entries by Kimberly McLaughlin

New Accounting Standard for Leases – FASB ASC 842

FASB issued ASU 2016-02, Leases (Topic 842) in February 2016. The new lease standards impact all public and private entities that report under Generally Accepted Accounting Principles (GAAP). The new standards are already in effect but not everyone has been prepared to implement the new standards. ASU 2016-02 was effective for private companies and nonprofit […]

Preparing for a Financial Statement Audit

The objective of a financial statement audit is to provide assurance regarding the quantitative and qualitative aspects of a business or organization. Most organizations understand that financial statement audits happen – and for a myriad of reasons.