Summary of Changes under ASC 842: Become Compliant with New Lease Accounting Standards

Significant changes to lease accounting standards have been implemented for public, private, and nonprofit entities for fiscal years beginning after December 15, 2018 and December 15, 2021, respectively. The new leasing standards represents one of the most comprehensive changes to accounting standards in recent years. With this recent update it is essential for executives and […]

The New 2018 Yellow Book: A Summary of What You Need to Know

Suwannar Kawila The U.S. Government Accountability Office (GAO) issued an update to Generally Accepted Government Auditing Standards (GAGAS) ( GAGAS, commonly known as the “Yellow Book,” was created to provide a foundation for efficient and high-quality government audits. The requirements apply to some governmental organizations and other organizations that receive grants from the federal government, […]

2022 Compliance Supplement: Fundamental Changes and Updates Impacting Single Audits

The COVID-19 pandemic has led to a tremendous increase in federal financial assistance managed by various new federal programs. In response to the pandemic’s impact, more funding has been allocated to existing programs to aid local governments, companies, schools, and organizations. SOURCE: CANVA – kanchanachitkhamma Many organizations receiving these funds are subject to the Single […]