Lillian Lee

What’s next for the accounting and finance profession?   Join Mark Koziel CPA, CGMA, CEO of the Association of International Certified Professional Accountants and CEO & President of the AICPA, as he leads an insightful conversation with Association, AICPA, and CIMA volunteer leaders on the trends, challenges, and opportunities reshaping the future of the profession.   Featuring: 🔹 Lexy Kessler, CPA, CGMA – Chair of the AICPA and the Association of International Certified Professional Accountants 🔹 Carla McCall, CPA, CGMA – Immediate Past Chair of the AICPA and Immediate Past Co-Chair of the Association of International Certified Professional Accountants 🔹 Simon Bittlestone, FCMA, CGMA – CIMA President and Immediate Past Chair of the Association of International Certified Professional Accountants 🔹 John Graham, FCMA, CGMA – CIMA Deputy President and Co-Chair of the Association of International Certified Professional Accountants   #AICPACIMA #CPA #CGMA 

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RSM’s guidance on expanded reportable segment disclosures has been updated to address the overall requirements of ASC 280 in further detail. https://rsm.buzz/3YOzhue

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Running an ESOP? A proactive audit can help you protect participants and stay compliant with Department of Labor rules. Explore more about ESOP audits as Weaver’s Jennifer Krieger and Aracely Rios, CPA share common pitfalls and practical tips from the field. https://lnkd.in/eHJFtf9G

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Is your CPA firm keeping pace with AI? The accounting profession is undergoing one of the most significant transformations in its history. BerryDunn outlines key questions you need to ask your CPA firm about AI and automation. https://bit.ly/3OAVpXe

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Navigating the evolving CPA Exam landscape requires strategic insight. Recent updates underscore the critical nature of exam confidentiality, while practical advice guides candidates on selecting sections that best align with their professional experience. Understanding these nuances is key to a successful journey. Free CPA Exam Materials ➤ Link in Bio | #CPAExam #CPA #Accounting

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📘 Confused by ASC 842? You’re not alone. With its technical language and shifting requirements, even seasoned finance teams can feel overwhelmed. This guide is your shortcut to understanding: 🔹 Right-of-use (ROU) assets 🔹 Lease liabilities 🔹 Classification rules 🔹 Transition tips We break it down in everyday language — no legal dictionary required. Perfect for CFOs, controllers, and accounting leads. 📘 Read the simplified guide → https://buff.ly/b31dRk9 #ASC842 #LeaseCompliance #CorporateAccounting #FinanceSimplified #iLeasePro #LeaseStandards

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As year-end approaches, do not let an outdated ASC 842 Incremental Borrowing Rate (IBR) lead to audit challenges. ➡️ The IBR is not a “set it and forget it” assumption—regular updates are essential for accuracy and transparency. ➡️ Market volatility, credit changes, or corporate events may warrant a reassessment. ➡️ Auditors and regulators expect robust documentation and defensible methodology. Read the full article from VRC's Portfolio Valuation practice group team members, David Menke, CFA, CAIA and Benjamin Cutler >>> https://lnkd.in/gmhq3X2k #Valuation #ASC842 #LeaseAccounting

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FASB Issues New Standard Intended to Improve Interim Reporting. The FASB issued an Accounting Standards Update (ASU), Interim Reporting (Topic 270), Narrow-Scope Improvements, that is intended to improve the navigability of the required interim reporting disclosures and clarifies when that guidance is applicable. It also provides additional guidance on what disclosures should be provided in interim reporting periods. The ASU does not change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements, which were determined by prior Boards when the disclosure requirements were initially issued. Rather, its objective is to provide clarity on the current interim reporting requirements. The amendments in the ASU: ·        Clarify that the guidance in FASB Accounting Standards Codification® Topic 270 applies to all entities that provide interim financial statements and notes in accordance with GAAP; ·        Create a comprehensive list in Topic 270 of interim disclosures that are required in interim financial statements and notes in accordance with GAAP; ·        Incorporate a disclosure principle, which is modeled after previous SEC guidance, that requires entities to disclose events and changes that occur after the end of the most recent fiscal year that have a material impact on the entity; and ·        Improve guidance about information included in and the format of interim financial statements. The amendments in ASU No. 2025-11 are effective for public business entities for interim periods within annual periods beginning after December 15, 2027, and for entities other than public business entities the amendments are effective for interim periods within annual periods beginning after December 15, 2028. Early adoption is permitted for all entities. The amendments can be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements.

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ASC 842 Lease Accounting: Don't Let Operating Leases Hide on Your Balance Sheet Many finance teams are adjusting to ASC 842 — operating leases now live on the balance sheet with right-of-use (ROU) assets and liabilities. But here's the blind spot we're seeing: Finance teams focus on mechanics and miss operational risks. Quick tip for Q2: Review your lease population quarterly, not just year-end. Equipment, vehicles, real estate — all qualify, and changes happen throughout the year. If you've amended, extended, or terminated a lease since last quarter, that's a re-measurement event. Get ahead of it now rather than scrambling at 10-Q close. Teams that stay on top of lease changes quarterly avoid restatement surprises and material audit adjustments. What's your biggest lease accounting challenge? #ASC842 #LeaseAccounting #FinancialReporting #HorizonAdvisors Visit us at https://lnkd.in/gP3tiQgs

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Check out RSM's newly updated guide to accounting for stock compensation, which assists companies in understanding the accounting for share-based payments with employees and nonemployees under FASB ASC 718. https://rsm.buzz/41Kx5FH

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Quick update on Internal-Use Software Costs: In September 2025, the FASB issued its final ASU on related to modernizing the internal-use software accounting guidance. See below for relevant changes:   Effective dates Annual periods – Fiscal years beginning after December 15, 2027. Interim periods – In fiscal years beginning after December 15, 2027. Early adoption permitted?: Yes, in any interim or annual period for which an entity’s financial statements have not been issued (or made available for issuance) as of the beginning of the entity’s fiscal year.   Software cost capitalization Historically ASC 350-40 has broken out internal-use software costs into three stages:   Preliminary Project Stage Application Development Stage Postimplementation-Operation Stage   This was based on the presumption of a “waterfall’ (sequential and linear) method of software development, which was based on the nature of software development in the late 1990’s. ASU 2025-06 removes the project development stages. Cost capitalization will now begin solely when the following occurs:   Management has authorized and committed to funding the project. It is ‘probable’ the project will be completed and the software used to perform its intended function (the ‘probable-to-complete’ threshold as defined in the ASC Master Glossary definition)   These proposed changes attempt to reflect the current nature of software development costs, which is “Agile”   Presentation and disclosure requirements Disclosures required under ASC 360-10 will now be required for all software costs capitalized under ASC 350-40, regardless of how they are presented on the balance sheet (e.g. as intangible assets or PP&E).   Website development costs Eliminates ASC 350-50 related to preliminary stages of website development costs, including that on graphics and content, and a new illustrative example being codified into ASC 350-40.   Transition The final ASU can be applied: retrospectively; prospectively only to software costs incurred on new and existing software projects after the adoption date; or prospectively to software costs incurred on new and existing software projects after the adoption date with a cumulative effect adjustment for existing, in-process project capitalized costs. Transition disclosures will be required under ASC 250 based on the transition method selected.   What the final ASU did not change The existing accounting requirements for external-use software (i.e. software to be sold or licensed) What internal-use software costs can be capitalized (e.g. data conversion/migration, training and software maintenance costs would continue to be expensed as incurred) When internal-use software cost capitalization ceases (i.e. when the software is ‘substantially complete and ready for its intended use’).

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#Accounting #AICPA Koziel warns of threats to CPA profession: AICPA president and CEO Mark Koziel told accountants about challenges to the credential by the federal government, states, companies and even accounting firms. http://dlvr.it/TQTvdn

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HHM CPAs has launched HHM Talent as a standalone recruiting firm offering an hourly-billed model designed to deliver a more flexible alternative to traditional recruiting fees. Read the full story here: https://lnkd.in/gzrd3YGV #HHM #Talent #Recruiting #FirmManagement

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