Technical Accounting Advisory

Will new accounting standards impact your business? Are you prepared?

Our experts are well-versed in these new, complex standards. DGC can help you understand the new GAAP requirements and assess the capabilities of your company to implement these standards.

Putting together a plan will be a complicated and time-consuming process, and our firm can help you every step of the way. After meeting with us, you will have an adoption and implementation plan that you feel confident about.

Below are two of the most common technical accounting standards, however if you have questions about any others, please let us know. We stay up to date on all the standards and look forward to discussing their impact.

Lease Accounting Standard

The new lease standard will present significant changes to the balance sheets of lessees. It will require all leases greater than 12 months in length to be recorded on the balance sheet. Additionally, there are other implementation challenges that every company will need to consider.

How Can DGC Help You Comply?

Download Our List of Recommended First Steps

Revenue Recognition Standard

The new revenue recognition standard creates a new framework for how all businesses recognize revenue, regardless of industry. It also requires significant enhancements to the financial statement footnotes than were mandated under previous standards. Read more

Perspectives

FASB Extends New Lease Accounting Standard Adoption to January 2022
FASB Extends New Lease Accounting Standard Adoption to January 2022 07/01/2020

The new effective date is now January 1, 2022 for calendar year-end private companies, small public companies, and not-for-profit organizations. Read more

UPDATE: FASB Delays New Revenue Recognition Standard Adoption Due to COVID-19 Pandemic
UPDATE: FASB Delays New Revenue Recognition Standard Adoption Due to COVID-19 Pandemic 06/03/2020

This decision was meant to alleviate one of the many hardships companies are facing as they turn their focus to decreased operations, collections, staffing decisions, and other uncertainties of COVID-19. Read more

FASB Proposes Delay of Lease Accounting Standard Implementation Due to COVID-19
FASB Proposes Delay of Lease Accounting Standard Implementation Due to COVID-19 04/09/2020

Under this proposal, the effective date of the new lease accounting standard would be delayed for one year. Read more

Get Ready for Upcoming Lease Accounting Changes
Get Ready for Upcoming Lease Accounting Changes 02/15/2019

The effective date of the new lease accounting standard for private companies is January 2021. Now is the time to consider how you can prepare for the adoption of the new standard. Read more