ASU 2016-02 (Leases) – Key Components and Important Considerations

After years of consideration, the Financial Accounting Standards Board (FASB) revised lease accounting by issuing Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). In the eyes of the FASB and users of the financial statements, leases in the financial statements of lessees represented valid assets and obligations as a result of the lessee receiving the right to use certain assets while receiving the economic benefits of using such assets.

The Captive Insurance Tax Landscape in 2019

It is critical for clients and practitioners to appreciate the Internal Revenue Service’s (“IRS”) historic positions and analysis regarding captive insurance companies, in order to fully understand the current captive insurance tax environment. The following discussion focuses on the relevant authorities contained in the Internal Revenue Code and Regulations, the current views of the IRS as set forth in administrative rulings and pronouncements and decisions dealing with what transactions qualified as insurance, and whether the activities of a related captive insurance company are those of a company primarily and predominately engaged in the insurance business.

Restaurant Industry ASC 606‐ The Initial Results are Here!

ASC 606, the long awaited and much debated new accounting standard for revenue recognition in the United States has now become reality for most public companies.  Adoption of this new standard was required for calendar year public companies effective January 1, 2018, and the results of adoption have now become public with the earnings releases and 10-Q filings for the first quarter ending March 31, 2018.

ASC 606 – The Early Results are In!

ASC 606, the long awaited and much debated new accounting standard for revenue recognition in the United States has now become reality for most public companies.  Adoption of this new standard was required for calendar-year public companies effective January 1, 2018, and the results of adoption have now become public with the earnings releases and 10-Q filings for the first quarter ending March 31, 2018.

5 Tips To Prevent Employee Theft

The recent statistics on employee theft is shocking. According to one US source, 75% of employees admit to having stolen at least once from their employer—and employee theft costs a company on average 7% of their annual revenues each year.

Georgia Construction Outlook Survey: 86 Percent of Respondents Project Revenue Increase Over Prior Year

The Georgia Construction Outlook Survey indicates that 86 percent of the state’s privately held construction companies project a revenue increase over the prior year. The survey, released on Tuesday, was conducted by Kennesaw State University’s Construction Management Department in cooperation with Bennett Thrasher, one of the country’s largest full-service certified public accounting and consulting firms.

Brian Hamm Shares Revenue Recognition Guidance for Startups

In a recent blog post on the website of Acuity, Brian Hamm, a Senior Manager in Bennett Thrasher’s Financial Reporting and Assurance department, explains new revenue recognition guidance issued by the Financial Accounting Standards Boards

Cory Bennett Named Among CPA Practice Advisor’s 40 Under 40

Bennett Thrasher LLP is pleased to announce that Cory Bennett has been recognized by CPA Practice Advisor on its annual list of 40 Under 40 winners. This award honors individuals who are positively shaping the accounting and tax profession, showcasing those who are active in both professional leadership roles as well as in their local communities.

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