Join us on Thursday, October 20 from 5:00 - 6:00 pm for our Annual GAAP/Technical Accounting Update presented by Sikich audit partner, Melanie Barnes. This will be a virtual session. Although the FASB and other standard setters have issued relatively few pronouncements since last September, there are a number of prior year pronouncements requiring attention for 2022 year-end reporting.
Private companies [and NFPs] have until this year, 2022, to implement the new lease standard and reflect new voluminous disclosures in their year-end audited financial statements.
Another pronouncement affecting all companies with trade accounts receivable balances is the CECL (Current Expected Credit Loss) standard. Private companies need to adopt this standard in their 2023 fiscal year. The Standard requires an allowance for doubtful accounts to be established for all amounts due, not just past due aging buckets as is common today. Banks and financial institutions incurred major expenses to model the credit history of their loan and derivative portfolios needed to establish the loan loss expense and related allowance. This will require a change from current practice for private companies [and NFPs].
The current economic environment with high inflation and rising interest rates has implications for valuations and related impairments, LIFO inventory issues and hedging transactions, as well as other items to be discussed.
Join us to learn about these and other changes, such as accounting for cryptoassets, on-going claims issues related to the CARES Act Employee Retention Credit, new rules easing triggering event rules for private companies and NFPs that have adopted the Goodwill alternative, a new agreement between the PCAOB and Chinese authorities opening PCAOB access for the PCAOB to inspect and investigate registered public accounting firms in China and Hong Kong auditing foreign SEC registrants and FASB pipeline topics.
Speaker:
Melanie Barnes, CPA, is a partner at Sikich with over 17 years of public accounting and industry experience. Melanie understands her clients’ business goals and works with them in a pragmatic approach to provide technical accounting expertise, ensure compliance requirements are met and help position them for success. Prior to joining Sikich, she worked at a global accounting firm in audit services and at Navistar in both technical accounting and finance business transformation roles. Melanie has extensive experience serving diverse businesses, ranging from private equity-owned companies to family-run businesses, with a focus on middle-market, for-profit companies. Melanie also has in-depth experience in mergers, acquisitions and divestitures on both the client advisory side and in an industry role. She has assisted clients with the implementation of new accounting standards and has helped to lead a US GAAP to IFRS conversion in a previous role. Melanie is also passionate about streamlining processes and leveraging technology, and she has led finance and accounting business transformation initiatives. When she is not working, Melanie can be found cheering on her son at a baseball game or watching her daughter dance. She also enjoys traveling with her husband and playing pickle ball with friends.