Posts Tagged ‘Maulik Khatadia’

FASB Changes Could Simplify Debt Rules

MaulikOn July 29, 2015, the Financial Accounting Standards Board (FASB), which establishes financial accounting and reporting standards in the U.S., proposed to simplify rules about debt classification. This proposed change would better align U.S. GAAP with the International Accounting Standards.

Under the existing U.S. GAAP guidelines, debt classification is based on specific rules depending on the type of debt arrangement. Different rules may be applied for a term-loan with covenants than a revolving credit or other specialized types of loans. These guidelines do not clearly address all scenarios.

The goal of the proposed change is to simplify the determination of debt classification. Under the proposed FASB plan, debt that will be settled more than a year from the financial statement date, or that can be deferred beyond that year, will be identified as non-current debt. The planned amendment would also offer a simplified definition of a debt arrangement.

If you have any concerns about this proposal, we would be happy to discuss them with you and assist in directing your concerns to the FASB. As any further updates on this proposal is known, we will be sure to keep you informed.

If you have any questions about this proposal, contact Maulik Khatadia at (317) 613-7860 or email MKhatadia@sponselcpagroup.com.

Khatadia earns U.S. citizenship

Maulik citizenship

Maulik Khatadia, a Senior in the Audit & Assurance Services department, became a U.S. citizen in March. A native of Mumbai, India, he made his way to the American Midwest to attend college, earned a bachelor’s degree and an MBA, and met his wife, Valerie. Maulik was recently profiled in an Indiana State University alumni publication. Congrats on a very proud day for Maulik and Valerie!

Three promotions

Sponsel CPA Group is proud of its record of recruiting top young talent, and then helping them develop their careers once they’re here. Outstanding performance is rewarded and valued.

So we are pleased to announce the following individuals have been promoted to assume additional responsibilities within our team of professionals. Congratulations to them all!

  • Amber Cash-Hoover, Senior Analyst, Valuation and Litigation Services
  • Jared Duncan, Senior staff accountant, Tax Services
  • Maulik Khatadia, Senior staff accountant, Audit & Assurance Services

Maulik Khatadia Joins Sponsel CPA Group

Maulik Khatadia Joins Audit & Assurance Services

Sponsel CPA Group is proud to announce the addition of Maulik Khatadia to its Audit & Assurance Services department.

Khatadia has public accounting experience working with financial institution, real estate and health care clients at a major firm. He received his B.S. in accounting with a minor in forensic accounting from Indiana State University, where he also earned his Masters in Business Administration. He is a Certified Fraud Examiner (CFE).

Khatadia is a member of the American Institute of the Certified Public Accountants (AICPA) and Alpha Kappa Psi, a professional business fraternity.

As part of the Audit & Assurance Services team, Khatadia will help businesses and organizations implement financial controls to mitigate risk, increase profitability and ensure compliance.

“I’m very excited to add such an immensely talented young professional to the Sponsel CPA Group staff,” said Managing Partner Tom Sponsel. “Maulik will further bolster what is already one of the strongest accounting teams in all of Indiana.”

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