The current expected credit losses (CECL) model under ASC 326 is now in effect for private companies and smaller entities — not just banks. If your clients carry trade receivables, notes, or held-to-maturity debt securities, CECL applies to them too. What changed CECL replaced the old “incurred loss” approach with an expected loss model. Instead…
ASC 842 is no longer new, but for private companies it is now fully in effect — and implementations still trip up even experienced teams. Here are the pitfalls we see most often, and how to avoid them. A 30-second recap Under ASC 842, nearly all leases — operating and finance — go on the…
Organizations that spend federal funds — and the firms that audit them — got meaningful relief when the Office of Management and Budget (OMB) updated the Uniform Guidance and raised the Single Audit threshold. What changed The threshold that triggers a Single Audit (under the Uniform Guidance, 2 CFR Part 200) increased from $750,000 to…
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