Posts Tagged ‘adam parkhurst’

New Accounting Standards Your Organization Needs to Know

adam-parkhurstBy Adam Parkhurst
Staff, Audit & Assurance Services

Beginning Dec. 15 this year, several significant changes are going into effect for financial statements reported under Generally Accepted Accounting Principles (GAAP). These Accounting Standard Updates (ASUs) could affect the reporting requirements of your business or not-for-profit.

Below is a quick rundown of what these new standards could mean, broken down by types of organizations.

The following ASUs are becoming effective for all applicable entities:

  1. ASU 2016-14 Presentation of Financial Statements of Not-for-Profit Entities

This ASU significantly changes financial reporting for Not-For-Profit entities by making changes to net asset classes, expense presentation, statement of cash flows requirements and disclosure requirements. For more information on this ASU, please see 5 Things You Need to Know About the New Not-For-Profit Accounting Standard (ASU 2016-14).

  1. ASU 2017-09 Compensation – Stock Compensation: Scope of Modification Accounting

The purpose of this ASU is to provide clarity and reduce diversity in practice, as well as cost and complexity, when applying stock compensation guidance to a change in the terms or conditions of a share-based payment award.

The following ASUs are becoming effective for non-public entities, but are already effective for public entities:

  1. ASU 2015-17 Income Taxes: Balance Sheet Classification of Deferred Taxes

The purpose of this ASU is to eliminate the presentation of current deferred income taxes. All deferred taxes will now be presented as non-current.

  1. ASU 2016-05 Derivative and Hedging: Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships

This ASU clarifies whether the use of hedge accounting for a derivative arrangement must be discontinued when there is a change in counterparty.

  1. ASU 2016-06 Derivatives and Hedging: Contingent Put and Call Options in Debt Instruments

This ASU clarifies that the four-step decision model should be utilized when evaluating whether contingent call (put) options in debt instruments are clearly and closely related.

The following ASUs are becoming effective for public entities for fiscal years beginning after Dec. 15, 2017, and will become effective for non-public entities in the future.

  1. ASU 2015-14 Revenue from Contracts with Customers (previously ASU 2014-09)
  2. ASU 2016-15 Classification of Certain Cash Receipts and Cash Payments
  3. ASU 2016-16 Intra-Entity Transfers of Assets Other Than Inventory
  4. ASU 2016-18 Restricted Cash
  5. ASU 2017-01 Clarifying the Definition of a Business
  6. ASU 2017-07 Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost

For further information regarding the upcoming effective ASUs and how they might apply to your organization, please contact Adam Parkhurst at (317) 613-7858 or email aparkhurst@sponselcpagroup.com.

Employee Spotlight: Adam Parkhurst

adam-parkhurstOne of the newer faces on the team, Adam Parkhurst joined the Sponsel CPA Group team last fall as a Staff accountant in the Audit & Assurance Services department shortly after graduating from Purdue University’s Krannert School of Management with a bachelor’s degree, triple-majoring in Accounting, Management and Finance.

His work includes audits, reviews, compilations and agreed-upon procedures, mostly for clients of privately-owned companies in the construction, manufacturing and not-for profit industries. Adam has already passed the first three sections of the CPA examinations and is preparing to receive his score on the fourth and final part.

Adam was born and raised in Columbus, Ind., playing on the Columbus North High School varsity soccer team. He loves to play and watch all sorts of sports, cheering the teams at Purdue, the Colts and the Pacers. He regularly takes part in cycling races and triathlons, including charity events, and is currently training for the Race Across Indiana Bike Race in July and the Hilly Hundred in October.

In August, Adam will be a participant in The Subaru CASA Cycling Challenge, a 24-hour race that raises money for Casas for Kids fund, a non-for-profit organization to support abused and neglected children in Tippecanoe County.

Adam Parkhurst joins Sponsel CPA Group

adam-parkhurstAdam Parkhurst has joined Sponsel CPA Group as a Staff accountant in the Audit & Assurance Services department. A recent graduate of Purdue University’s Krannert School of Management with a B.S. in Accounting, Adam previously served an accounting internship at a global auto parts supplier and a financial analyst internship at a health services company.

His duties will be to support the audit management in preparing audit programs, perform reviews of audit documents, identify accounting and auditing issues and perform research to solve those issues, apply concepts of risk assessment and perform tests of internal controls.

“Adam is a terrific addition to our growing team,” said Mike Bedel, Partner and Director of Audit & Assurance Services. “Sponsel CPA Group continues to expand the depth and breadth of services we can offer to clients to help them achieve greater success.”

Welcome Adam Parkhurst

adam-parkhurstAdam Parkhurst has joined the firm as a Staff accountant in the Audit & Assurance Services department. His duties will be to support the audit management in preparing audit programs, perform reviews of audit documents, identify accounting and auditing issues and perform research to solve those issues, apply concepts of risk assessment and perform tests of internal controls. He recently graduated from the Purdue University Krannert School of Management with a B.S. in Accounting. Adam previously served an accounting internship at a global auto parts supplier and a financial analyst internship at a health services company.

Popular Tags