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Audit Archives | Delap CPA


28 Aug

New Revenue Recognition Rules, Do They Apply to You?

August 28, 2018 | By | No Comments

August 28, 2018 Q: What happens in 2019? A: The new revenue recognition guidance is effective for most, non-public companies (public companies started earlier). If your business earns revenue, this guidance applies to you! What’s Required to Recognize Revenue? The ASC 606 Revenue from Contracts with Customers rules (FASB ASU 2014-09) introduced the accounting world […]

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28 Mar

Employee Benefit Plan Guide for Plan Administrators – Part 4: Switching Custodians

March 28, 2018 | By | No Comments

Often one of the differences between a poorly managed plan and well managed plan is the level of service provided by third-party service providers. Plan administrators should on a regular basis, evaluate their service providers weighing factors such as fees, performance, responsiveness to inquiries, and the level of service provided to determine if a third-party […]

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15 Feb

Employee Benefit Plan Guide for Plan Administrators – Part 2: Common Contribution Considerations

February 15, 2018 | By | No Comments

Have you ever wondered what the plan auditors are doing while they are in the office crunching numbers on your employee benefit plan?  We are about to let you in on a little secret! One of the most significant processes involved in operating an employee benefit plan is ensuring that all contributions get applied to […]

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06 Aug

Keeping Up With GAAP – Inventory Measurement

August 6, 2015 | By | No Comments

For as long as we can remember, well – for most of us, generally accepted accounting principles (GAAP) requires inventory to be recorded at cost and subsequently measured at the lower of cost OR market. Sounds easy, but market could mean replacement cost, net realizable value, or net realizable value less an approximately normal profit […]

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20 Jan

Need an Auditor? Think Before You Hire.

January 20, 2015 | By | No Comments

Employee benefit plan (EBP) administrators are hearing a lot about their fiduciary responsibility requirements from service providers (See April 14th Blog Post – Employee Benefit Plans & Responsibilities of Plan Fiduciaries), and the recent case of Lockheed Martin being sued by participants for mismanagement of their plan (Lockheed Martin) further illustrates the importance of fiduciary […]

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