Audit and Accounting
Meaningful information for quality decision making
To spot opportunities, you need more than technically competent audit and accounting expertise. At Wipfli, we don’t merely crunch the numbers. We study them, interpret them, determine what they are telling us about the business, and use that insight to help clients improve operations. By drawing on our vast pool of knowledge and experience, Wipfli adds value to the auditing and accounting process.
Hot Topics
Proposed Lease Accounting
In August 2010, the Financial Accounting Standards Board (FASB) issued the original exposure draft of a new accounting standard related to lease accounting. While the FASB and the International Accounting Standards Board (IASB) continue to make changes and the proposed standard has not yet been finalized, the pending changes to lease accounting rules will create a profound and lasting effect on all businesses, including manufacturers. Until the final standard is released, we do not know what the ultimate impact will be; however, we do know the direction in which the FASB and IASB are heading.
In the proposed standard, the accounting model for leases would change to a “right of use” model in which a lessee would recognize an asset representing its right to use the leased asset. As a result, many leased assets will be recorded as an asset by the lessee, even if they would be treated as an operating lease under current accounting standards.
To learn more about how the proposed changes will impact your organization, download our recorded webinar: Lease Accounting: How will the proposed changes affect you? presented by Ron Hafner and Brian Bohman.
Also see Hafner's article, Proposed Lease Accounting Changes Could be Significant to Manufacturers.
International Financial Reporting Standards (IFRS)
There’s been quite the industry buzz over an impending move to replace our country’s longstanding accounting practices. The debate involves our Generally Accepted Accounting Principles (GAAP)—the gold standard here in the U.S.—and a decision on whether to drop them in favor of the practices used by many countries around the world—the International Financial Reporting Standards (IFRS).
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