The attempt to find a single lease accounting model based on recognition of a right-of-use asset has faltered, and Grant Thornton suggests an alternative.
FASB issued a proposed accounting standards update (ASU), which is the next step in a joint project with the IASB and would require two different lease accounting models.
Hear about Gazzaway's background and perspective.
At its Nov. 25 meeting, the FASB endorsed two issues of the Private Company Council (PCC), which will be issued as accounting standards updates.
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Service Organization Attestation Reports
Grant Thornton understands how important audited financial statements are to businesses, shareholders/owners, lenders, investors and other stakeholders. We work with some of the country’s most successful private and public companies. Our approach is to first understand the business and the risks it faces, and then to focus our efforts where they matter most. This method is effective and cost-efficient.
Ultimately, we see our audit as more than numbers and compliance. We work with clients to improve their overall financial reporting processes and to help them better understand their business. We also consider it our job to continually inform our clients about accounting, financial and regulatory developments that may affect their business.
Read a detailed summary of a recent technical development or accounting pronouncement.
Check out our weekly update on announcements, meetings and proposals from accounting standards-setting bodies and industry regulators.
Read about the audit committee's oversight approach in this installment from our Audit Committee Guide series.
Raymond (Trent) Gazzaway
National Managing Partner, Audit Services
Location: Chicago, IL
Recent publications and video
The Audit Committee Handbook, Fifth Edition
Overseeing the internal audit (part of Audit Committee Guide series)
The audit committee and the external audit relationship video