Tag Archive | Ernie Baugh

James Comito Named New Leader of MHM’s Professional Standards Group

James Comito Mayer Hoffman McCann P.C.  is pleased to announce James Comito of the firm’s San Diego office as the firm’s new Director of Professional Standards. Comito takes on this role as Ernest (Ernie) Baugh, Jr. transitions into retirement. The Professional Standards Group (PSG) is MHM’s virtual team of top technical experts for complex accounting […]

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Learn More About Revenue Recognition Step 2: Identify the Performance Obligations in the Contract

In our previous issue of this serial we discussed how to identify a contract with a customer. Once it has been determined that a contract with a customer is within the scope of Topic 606, the next step is to identify the performance obligations in the contract. In Step 2, the goods or services that […]

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Private Company Election for Business Combinations Proposed

At the September 16, 2014 meeting of the Private Company Council (PCC), a consensus was reached on the accounting for identifiable intangible assets acquired in connection with a business combination. The proposal will be discussed by the Financial Accounting Standards Board (FASB) at an upcoming meeting to determine if the proposal will ultimately be endorsed […]

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Learn More About the Intricacies of Revenue Recognition Step 1: Identifying Contract(s) with Customers

In this issue of our Revenue Recognition Serial we further explore the intricacies of Step 1: Identifying the contract(s) with a customer. Normally, a business knows who its customers are and can identify its contracts, however, the specific requirements of Topic 606 contain some challenges that will require judgment and documentation around these conclusions. The […]

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Will your Entity Continue as a Going Concern?

Last week, the FASB  issued a new standard that requires management to evaluate whether substantial doubt exists that an entity will be able to continue as a going concern. Accounting Standards Update 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASU 2014-15 or the “standard”) defines, for the first time in […]

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Revenue Recognition Serial – Part 1: Introduction of the 5-Step Process

Due to the breadth and complexity of the new revenue recognition standard and the need for entities to evaluate its impact on financial reporting, contracts and systems in preparation for implementing this standard, Mayer Hoffman McCann’s Professional Standards Group has created a Revenue Recognition Serial to provide information about the requirements of the standard and other considerations […]

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Do you use Software Provided from the Cloud?

Last week, the Financial Accounting Standards Board (FASB) issued another proposal under its Simplification Initiative to address how an entity should account for payments when it purchases the use of software hosted by a vendor (i.e. cloud computing arrangements). These arrangements are known as a “hosting arrangement,” an example of which is the use of […]

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