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January 7, 2020

Abbott, Stringham & Lynch Announces New Managing Partner, Carol Wagner

San Jose, CA (January 7, 2020) – Abbott, Stringham & Lynch (ASL), one of the largest local CPA firms in Silicon Valley, is pleased to announce that Carol Wagner, CPA has been elected managing partner, effective January 1, 2020. She succeeds Ray Scheaffer, CPA who served in the role for 15 years. Carol is ASL’s sixth managing partner since the firm’s inception in 1977, and the second woman managing partner. Ray will continue at the firm as a Tax Principal. “We are very excited to welcome Carol as our new managing partner. Her strategic thinking and exceptional leadership will guide the firm’s growth, shape the culture, and continue to provide our clients with unparalleled service,” said Ray. (more…)

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Categories: Uncategorized
Tags: Abbott Stringham & Lynch, Carol Wagner, Managing Partner,
By Carol Wagner
•
October 10, 2017

Revenue Recognition Update - Step 2: Identify Performance Obligations

To continue the discussion of the ASC 606, Step 2 of the revenue recognition process requires examining what the seller has promised to do for the customer, and if there are multiple promises, whether these promises should be accounted for separately or combined. This examination determines the performance obligations which are the basis for the revenue recognition. (more…)

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Categories: Revenue Recognition, The Musings of our Authors, Updates & Alerts
Tags: ASC 606, Carol Wagner, Performance Obligations, Revenue Recognition, US GAAP,
By Carol Wagner
•
September 19, 2017

Revenue Recognition Update - Step 1: Identify the Contract with the Customer)

Revenue recognition is getting a lot of attention since ASC Topic 606 “Revenue from Contracts with Customers” was first issued in 2014. Since that date, we have had several posts on our blog that focus on some of the details and changes related to the new standard. As we get closer to implementation, it is time to take a closer look. (more…)

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Categories: Revenue Recognition, The Musings of our Authors, Updates & Alerts
Tags: ASC 606, Carol Wagner, FASB, GAAP, Revenue Recognition,
By Carol Wagner
•
September 13, 2016

The New Revenue Recognition Standard – Steps for Implementation

It is time to revisit the discussion on changes to revenue recognition. Just to recap, the new standard requires that revenue is recognized when goods or services are transferred to a customer and for the amount the seller expects to be entitled, based on the five step process (not necessarily performed chronologically):

  1. Identify the contract with the customer
  2. Identify the separate performance obligations
  3. Determine the transaction price
  4. Allocate the transaction price to the individual performance obligations
  5. Recognize revenue as the performance obligations are satisfied

The new standard is effective for privately held companies for annual reporting periods beginning after December 15, 2018, with early adoption allowed for annual reporting periods beginning after December 15, 2016 (calendar year 2017!) (more…)

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Categories: Revenue Recognition
Tags: Carol Wagner, New Implementation, Revenue Recognition, Two Methods,
August 18, 2016

Financial Reporting: How New Lease Accounting Rules Will Affect Contractors

By Carol Wagner, CPA, Principal
ASL Construction Group

Earlier this year, the Financial Accounting Standards Board (FASB) issued its long-awaited revised lease accounting standard. The new standard – Accounting Standards Update (ASU) No. 2016-02, “Leases (Topic 842)” – could have a significant impact on many contractors that lease vehicles, equipment or buildings. (more…)

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Categories: Construction Corner
Tags: Carol Wagner, Construction, Contractors, New Lease Accounting Rules,
September 3, 2014

Revenue Recognition

By Carol Wagner, ASL Principal

The new accounting standard for revenue recognition is finally here! It’s officially referred to as ASU 2014-09 – Revenue from Contracts with Customers. FASB issued the final revenue recognition standard in May 2014.

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Categories: Revenue Recognition
Tags: 5 Step Process, Carol Wagner, Revenue Recognition, Silicon Valley CPA,
By Carol Wagner
•
October 30, 2013

Related Party Transactions Are Not as Simple as They Seem

Related party transactions seem straightforward. For privately-held companies, related party transactions are a fact of business, and they may seem totally harmless. However, recently related party transactions have caught my attention. My fellow blogger, Deepa Bhat, identified steps to reduce risks associated with related party transactions. But what about transactions that happen that seem such a normal part of business that no one thinks of them as related party transactions? And what’s the big deal anyways?…

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Categories: Audit & Accounting Errors, Myths & Guidelines, Execs & Owners
Tags: Carol Wagner, related party transactions,
By Carol Wagner
•
July 17, 2013

Revenue Recognition: The Value & Challenge in Achieving VSOE

Vendor Specific Objective Evidence or VSOE has boggled accountants for software companies since its inception in 1997. CEOs and CFOs of software companies may not understand all the ramifications of revenue recognition or VSOE until their company has gone through a financial statement audit. Even then, it is a fairly common to hear of a software company that is restating their financial statements because of issues with the application of the revenue recognition rules. The article, “Strategic Accounting – The Value of Vendor Specific Objective Evidence,” in the May 2013 edition of California CPA, clearly and concisely explains software revenue recognition rules. For CFOs that are fighting the revenue recognition battle within their organizations, here are three key points from the article that bear emphasizing…

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Categories: Audit & Accounting Errors, Myths & Guidelines, Revenue Recognition
Tags: Carol Wagner, Revenue Recognition, Vendor Specific Objective Evidence, VSOE,
By Carol Wagner
•
April 19, 2012

3 Intangible Assets You Might Overlook During a Merger or Acquisition

I recently received a phone call from a CFO asking for a crash course in accounting for business combinations. Merger and acquisition activity is increasing as corporations look to grow, so the need for info on business combinations is great. In fact, a couple of my more successful clients underwent acquisitions in 2011 to larger corporations. In addition, clients are also interested in acquiring companies that will strategically benefit their growth. As I was putting materials together for this CFO, a couple things jumped out at me regarding intangible assets that I feel are not often thought about during the merger and acquisition process…

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Categories: Audit & Accounting Errors, Myths & Guidelines, Financing & Exit Strategies
Tags: Acquisitions, Business Combinations, Carol Wagner, Intangible Assets, M&A, Mergers, Mergers and Acquisitions,

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      Accounting | Tax | Audit | Consulting – Abbott Stringham & Lynch is a top 30 CPA firm serving San Jose, the heart of Silicon Valley and the greater Bay Area. Our experienced team offers audit, accounting, tax, valuation, and consulting services to companies and individuals. With expertise in the areas of real estate, construction, technology, nonprofit, emerging business, international, family wealth & individual, recreation and entertainment, and renewable energy. San Jose CPA – Silicon Valley CPA. Regretfully, we are unable to refund payments made through our online processing system.