U.S. Expansion: 7 Benefits of Cloud Accounting
Posted by Teresa Gordon on December 20, 2020
Now more than ever in today’s world of virtual and remote management of a US investment, cloud accounting tools serve foreign-owned companies well. Here are seven reasons why you should consider cloud accounting when starting a US subsidiary.
Financial Reporting Implications Due to COVID-19
Posted by Dave Van Damme on October 30, 2020
COVID-19 has clearly disrupted life as we know it. Despite these disruptions, businesses continue to operate (some at an altered state) and therefore are required to provide financial reporting to stakeholders.
Clayton & McKervey Again Included on Inside Public Accounting’s List of 300 Largest Firms
Posted by Clayton & McKervey on August 11, 2020
Clayton & McKervey, an international certified public accounting and business advisory firm located in metro Detroit, is pleased to announce it is again included on the list of the 300 largest public accounting firms in the nation as noted by Inside Public Accounting, a leading accounting trade publication.
CARES Act Special Rules for Use of Retirement Funds
Posted by Dave Van Damme on March 30, 2020
The CARES Act includes a number of provisions to allow access to retirement funds in employer-sponsored retirement plans.
Paycheck Protection Program and Other Financing Options
Posted by Sarah Russell on March 27, 2020
The CARES Act provides many benefits, including the Paycheck Protection Program. As promised, here is our detailed analysis of what the program entails.
New COVID-19 Stimulus Package Results in 5 Key Action Steps
Posted by Sarah Russell on March 27, 2020
To help navigate the myriad business disruptions caused by COVID-19, Congress has been busy working on a Stimulus package to help taxpayers. For a deep dive into those topics, please see our article on the Summary of Cares Act.
COVID-19: 5 Key Accounting Considerations
Posted by Beth Butchart on March 25, 2020
Businesses face unprecedented challenges due to the COVID-19 health crisis. Business owners must be proactive to analyze their current situation, seek resources, and prioritize a plan of action to protect their cash position and workforce.
Impact of Revenue Recognition Changes for GAAP/IFRS on Tax Returns
Posted by Sue Tuson on February 17, 2020
The new revenue recognition standards under Generally Accepted Accounting Principles (GAAP) became effective for private companies for annual reporting periods beginning after December 15, 2018.
Demystifying the Financial Statement
Posted by Jim Biehl on February 12, 2020
Owners spend years amassing the knowledge and experience necessary to become masters at their craft. Passion for the work and the satisfaction of helping clients is what drives them – not necessarily administrative tasks like financial accounting and reporting.
Leadership From Around the Globe
Posted by Rob Dutkiewicz on December 2, 2019
A few weeks ago I traveled to Rome, along with my fellow shareholder Sue Tuson, to attend the PrimeGlobal World Conference. PrimeGlobal is one of the five largest associations of independent accounting firms in the world.
Common GAAP Violations for Manufacturers
Posted by Kevin Johns on May 16, 2019
Across the manufacturing sector, there is a great amount of diverse strategies, footprints, and segment approaches as they deal with artificial intelligence augmented reality and the ever-increasing spread of robotics. From an accounting standpoint, the one thing that often unites these companies together is GAAP (Generally Accepted Accounting Principles) which provides...
Revenue Recognition Changes are Here
Posted by Dave Van Damme on November 26, 2018
The complexity of the new standard can make implementation time consuming, and the time remaining for that implementation is short.
Revenue Recognition: Five-Step Implementation
Posted by Dave Van Damme on March 5, 2018
When recognizing revenue over time, the objective is to do so in a pattern commensurate with the transfer of control to the customer.
Revenue Recognition: Allocating Transaction Price
Posted by Dave Van Damme on December 19, 2017
Over the past several months Clayton & McKervey has provided information about the new revenue recognition standard released by the Financial Accounting Standards Board …
Revenue Recognition: Determining Transaction Price
Posted by Dave Van Damme on November 20, 2017
Over the past several months Clayton & McKervey has provided information about the new revenue recognition standard released by the Financial Accounting Standards Board (FASB); …
Record Keeping for Information Reporting
Posted by Sue Tuson on September 8, 2017
The IRS and state governments continue to increase requirements and penalties for information reporting. With these increases, using best practices when keeping records is …
Revenue Recognition – Step 2
Posted by Dave Van Damme on September 8, 2017
Over the past several months, information has been provided about the new revenue recognition standard released by the Financial Accounting Standards Board (FASB). The …
Public Accounting Report – Trends Impacting the Accounting Industry
Posted by Rob Dutkiewicz on July 24, 2017
As a firm specializing in international, closely held businesses, I am often in conversations with business owners focused on organizational growth. What we’ve observed …
Revenue Recognition – Step 1
Posted by Dave Van Damme on July 11, 2017
Over the past several months we have provided information about the new revenue recognition standard released by the Financial Accounting Standards Board (FASB); (Revenue …
Who Needs an Employee Benefit Plan Audit?
Posted by Dave Van Damme on June 21, 2017
Many companies sponsor employee benefit plans for their employees. Management may not be aware that certain plans require an audit to be completed by …
Revenue Recognition: Accounting Changes… You Have Options!
Posted by Dave Van Damme on May 16, 2017
By now companies know that big changes are coming to their US Generally Accepted Accounting Principles (GAAP) financial statements. Now is the time for …
Revenue Recognition Standard: Not Your Typical Accounting Change
Posted by Dave Van Damme on April 18, 2017
The accounting industry identified the need to form a global revenue recognition strategy 15 years ago; announcing the final standard in May 2014.
Five-Step Revenue Recognition Implementation
Posted by Dave Van Damme on March 27, 2017
The accounting industry identified the need to form a single, unified, global revenue recognition strategy 15 years ago; announcing the final standard in May 2014.
Posted by Clayton & McKervey on March 2, 2017
Having clear expectations and processes around expense reports is important to streamline workflow while maintaining clear employee expectations. This QuickBooks article highlights tips on …
New Lease Accounting Guidance Issued by FASB
Posted by Dave Van Damme on March 14, 2016
On February 25, 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02 Leases (Topic 842), which provides new guidance on lease accounting. The new …
Accounting & Auditing Update
Posted by Dave Van Damme on February 19, 2016
With each passing year, accounting standards change and increase in complexity. While accounting standards have continued to evolve throughout 2015, the main theme of the …
Are You Ready for the New Revenue Recognition Standard?
Posted by Dave Van Damme on January 26, 2016
Revenue recognition guidance is changing. Under current US Generally Accepted Accounting Principles (“GAAP”), there are multiple accounting models for revenue and extensive industry-specific guidance which …