Published today in the Journal of Accountancy by
By Stephen G. Austin, CPA; Joel Colbourn, CPA; Ane Ohm, CPA; and Don Mitchell
In addition to causing enormous disruption to health, safety, and the economy across the globe, the coronavirus pandemic has significantly altered the landscape for CPAs related to the lease accounting standard.
The changes include a potential effective date delay of FASB’s new lease accounting standard for certain entities, including private companies; a monumental increase in the number of lease modifications requested by lessees and granted by lessors; and the need for disclosures related to a company’s lease accounting decisions in the new environment.
Here’s a closer look at lease accounting amid the coronavirus pandemic.
FASB’s delay proposal
In recognition of the business disruptions caused by the new standard, FASB has voted to issue a proposal that would delay by one year the effective dates of its lease accounting standard for certain entities.… Read More
Dear Integra Members,
Integra International is pleased to announce that a new member has been admitted in Danville, Virginia, USA. Snead Williams + Mayhew, PLLC @ swcpas.com is a 3 partner and 8 staff member firm – they do IFRS financial statements and are a PCAOB firm.
Charles (Chuck) Snead is licensed as a certified public accountant in the states of Virginia and North Carolina as well as being a chartered global management accountant and certified information technology professional. In addition to serving as a client engagement services director, he also serves as the managing director of a dynamic and growing firm of professionals.
Michael Mayhew is licensed as a certified public accountant in Virginia and is also a certified financial planner that works closely with small business enterprises providing a wide range of accountancy, taxation, auditing and management consultancy services to those enterprises and their owners. … Read More
Integra International is very pleased to announce that a new member in Almaty, Kazakhstan has been admitted. Finaudit Kazakhstan is a firm with 2 Partners and 13 staff, founded in the year 1993.
The firm offers services in the areas of accounting & tax compliance, auditing, tax consulting and management consulting.
The Managing Director is Mrs. Nurlykyz Alimzhanova. She has over 26 years of professional experience.
The second Partner is Mr. Daniyar Nurseitov. He has over 18 years of professional experience and he is specialized in tax consulting and compliance, as well as auditing of private and publicly traded companies.
Mr. Daniyar Nurseitov is the main contact for Integra and he can be contacted at email@example.com… Read More
Integra International is very pleased to announce that a new member in Zurich, Switzerland has been admitted.
Gätzi & Partner Treuhand AG is a 2 Partner and 4 staff firm, founded in 2016 by the two Partners, Mr. Ralf Gätzi and Mr. Sven Bergamin. The managing Partner is Mr. Ralf Gätzi, who has 11 years of experience in fiduciary and consultancy business.
The second Partner and main contact for Integra International is Mr. Sven Bergamin, who has 12 years of experience in an important international accounting firm. Mr. Bergamin can be contacted at firstname.lastname@example.org
More details about the firm can be seen on the Integra Website… Read More
Outlook for inspections and new audit report content put in place
When the PCAOB issued the Inspections Outlook for 2019in December, the term “transformation,” a word more often found in religious contexts, was used to describe the wide sweeping reassessment of the approaches for planning, conducting and reporting on the Board’s periodic examinations of audits and auditors. While some of the anticipated results will address longer range aspects, a number are to be implemented in 2019.
Following up, on March 14, 2019, the Staff Inspections Outlook for Audit Committees (Outlook) was published, spelling out the Board’s more robust intent for engagement with audit committees, along with delineation of key areas of inspection focus, as well as suggested questions audit committees may want to ask the auditors during the year.… Read More
Audit watchdog with more muscle to replace beleaguered Financial Reporting Council
The last issue of the Audit & Accounting Alert reported on the innovative, forward looking approach of the United Kingdom’s Financial Reporting Council (FRC) in tackling the challenges of financial reporting in the age of artificial intelligence. Unfortunately, the auditor watchdog role of the FRC has not fared as well in keeping pace with the rapid changes in the accounting and reporting complexities of organizations subject to its oversight.
With collapses like that of Carillion plc, the second largest construction company in the United Kingdom, in early 2018, and severe criticism of the company’s audits performed by KPMG, the government commissioned an independent review of the FRC (known as the Kingman Review) to determine what went wrong, and the appropriate actions to take.… Read More
Integra International is very pleased to announce that a new member in Dakar, Senegal has been admitted.
KAP Expertise is a 2 Partner and 14 staff firm, founded in 2014. The two Partners are Mr. Radoine Kreaime and Mr. Rayan Darwiche.
Managing Partner of the firm and main contact person for Integra International is Mr. Radoine Kreaime, who can be contacted at email@example.com . Mr. Kreaime worked for several years in France, including five years as a Senior Manager of the Integra member firm in Paris.
KAP Expertise is a well-established and professionally managed entity, and one of the important local firms. More details about the firm can be seen on the Integra Website . We welcome Mr. Radoine Kreaime and Mr.… Read More
Integra International is very pleased to announce that a new member in Chisinau, Moldova, has been admitted.
First Audit International – FAI – is a Joint Stock Company constituted in 1996.
The firm has 1 Managing Partner and 22 staff. They all speak Romanian and Russian, and 8 of them speak very good English.
Managing Partner and Director of the firm is Mr. Sergiu Soimu who has over 25 years of professional experience. Mr. Soimu is a full member of the Association of Professional Accountants and Auditors of Moldova (ACAP) – member of IFAC. Mr. Sergiu Soimu can be contacted at firstname.lastname@example.org
Additional contact persons for Integra will be:
– the Deputy Director, Mr. Corneliu Soimu, who can be contacted at email@example.com… Read More
Integra International is very pleased to announce that a new member in Cagliari, on the Island of Sardinia, Italy, has been admitted.
M&C Network is a young firm, constituted in 2017.
Very quickly this full service firm became an active Lead Firm in Sardinia with two offices, one in Cagliari, the capital of Sardinia, and the other in Oristano, the capital of the central-western part of the island, the province Oristano.
The firm has 5 Partners and 8 staff.
Managing Partner of the firm and main contact person for Integra International is Mr. Nicola Meloni, who can be contacted at firstname.lastname@example.org
More details about the firm can be seen on the Integra Website
We welcome Mr. Nicola Meloni, his Partners and the staff of M&C Network.… Read More