PBMares Accounting Blog

Lessees: Are You Prepared to Recognize Assets and Liabilities for Almost All Your Leases?

Posted by Helaine S. Weissman, CPA on Aug 29, 2016 8:30:00 AM

 

Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) – issued February 25, 2016

For most non-public entities this update is effective for fiscal years beginning after December 15, 2019. However, now is the time to start thinking about longer-term impacts before entering into new leases over the next few years.

Following is an overview, for lessees, of this comprehensive and intricate standard.

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Topics: Government Contracts, Construction, hospitality

Accounting for Gift Certificates

Posted by John M. Murray, CPA and Nancy Smith Nunn, CPA, ABV, CGMA on Aug 8, 2016 9:50:31 AM

Many establishments sell gift certificates which help enhance their overall revenue. However, many of these organizations do not know how to properly account for them on their tax returns or within the jurisdiction which they are issued.  Here are some things that should be considered by enterprises that engage in gift certificate sales. 

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Topics: hospitality