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April 1, 2022

ASU 2016-13: Accounting for Current Expected Credit Loss (CECL)

By Deepa Bhat, CPA, CFE, ACA, Principal

Starting in January 2023, businesses must conform to a new accounting standard for measuring expected credit loss. It’s perhaps one of the biggest accounting changes for financial institutions in a decade – but they’re not the only ones affected. Nonfinancial institutions may still have financial instruments and other assets that will require a different accounting approach and new internal controls. Implementing the current expected credit loss (CECL) accounting methodology takes a forward-looking approach to risk modeling and will be a significant undertaking for many. (more…)

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Categories: Audit & Accounting Errors, Myths & Guidelines, Updates & Alerts
Tags: CECL, Deepa Bhat,
July 21, 2021

Fraud Trends in the Construction Industry

By Deepa Bhat, CPA, CFE, ACA, Principal
ASL Construction Group

The COVID-19 pandemic created challenging circumstances for many Bay Area construction contractors. The combination of government orders and fear of virus transmission led to the delay or cancellation of many scheduled projects. And unfortunately, even prior to the COVID-19 pandemic, construction companies were dealing with another challenging situation, employees and vendors perpetrating fraud schemes against the company. According to the ACFE 2020 Report to the Nations, the median fraud-related loss experienced by construction companies was $200,000 per incident (based on investigations that occurred between January 2018 and September 2019). This means, construction is in the top six of the highest median loss experienced, behind mining at $475,000; energy at $275,000; real estate at $254,000; telecommunications at $250,000; and health care also at $200,000. This unfavorable ranking reflects the need for construction companies to do more to prevent and detect fraud schemes to limit losses. (more…)

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Categories: Construction Corner, Summer 2021
Tags: Certified Fraud Examiners, construction companies, Construction Fraud, Deepa Bhat,
February 22, 2021

2020 – The Year That Was and What Lies Ahead for the Construction Industry?

By Deepa Bhat, CPA, CFE, ACA, Principal
ASL Construction Group

I was once again at my annual Board retreat (virtual, alas!) for the Builders’ Exchange of Santa Clara, and came away with some fascinating data – both historical and predictive.  Like many of us, I was curious to understand the impact of COVID-19 on this industry in 2020.  These were the top takeaways from this meeting: (more…)

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Categories: Construction Corner, Winter 2021
Tags: Builders’ Exchange, Construction Updates, Deepa Bhat,
April 14, 2020

Proposed Delays to Accounting and Auditing Standards in Response to COVID-19

By Deepa Bhat, CPA, Principal

In response to the widespread disruption caused by COVID-19, the Financial Accounting Standards Board (FASB) announced in their Board meeting on April 8, 2020, a proposal for delays in the following accounting standards for certain entities: (more…)

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Categories: Audit & Accounting Errors, Myths & Guidelines, COVID-19
Tags: Accounting and Auditing Standards, Coronavirus, COVID-19, Deepa Bhat, Financial Accounting Standards Board,
February 10, 2020

What Lies Ahead for the Construction Industry?

By Deepa Bhat, CPA, Principal
ASL Construction Group

I recently attended our annual Board retreat for the Builders’ Exchange of Santa Clara, and came away with some fascinating data – both historical and predictive. As someone who routinely works with contractors, I was intrigued by the statistics and forecast data presented to the group. Here’s a list of my top takeaways from the meeting: (more…)

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Categories: Construction Corner, Winter 2020
Tags: Builders’ Exchange of Santa Clara, Construction forecasts, Construction spending, Deepa Bhat,
By Deepa Bhat
•
November 20, 2019

Getting Ready for an External Audit? Five Tips to Make the Process Easier on You and Your Auditor

Companies often need financial audits when they seek additional funds or have to satisfy the requirements of owners, creditors, investors and other outside parties who want a higher level of comfort on the accuracy of financial statements.

My experience auditing privately held companies has taught me that a few proactive measures can go a long way in avoiding audit delays, keeping you and your auditor on track, and ensuring a smoother audit process for all. So, let’s jump right into those tips, shall we? (more…)

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Categories: Audit & Accounting Errors, Myths & Guidelines, The Musings of our Authors
Tags: Business processes, Deepa Bhat, External audit, Financial audits,
July 31, 2019

Top Three Considerations for Better Reporting – Are You Doing These?

By Deepa Bhat, CPA, Principal
ASL Construction Group

As we were wrapping up the reviewed financials for my General Contractor client, I asked the Controller, “what are some of the issues often overlooked by contractors as it relates to accounting?” And she was happy to oblige me with her top three issues for contractors to consider for better reporting: (more…)

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Categories: Construction Corner, Summer 2019
Tags: construction companies, Construction contractors, Deepa Bhat, Project Management Software,
By Deepa Bhat
•
March 13, 2019

How Not to Fall Prey to These Common Fraud Schemes

Not too long ago, the Association of Certified Fraud Examiners (ACFE) released their Report to the Nations, a publication on worldwide occupational fraud based on real life fraud cases and it was certainly a telling study in fraud. As an auditor for private companies, it hit very close to home to learn that the median loss experienced by companies with fewer than 100 employees was $200,000! And nearly half of these fraud cases were the result of a lack of internal controls. (more…)

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Categories: The Musings of our Authors, Updates & Alerts
Tags: Anti-Fraud Controls, Deepa Bhat, Fraud Schemes, Occupational Fraud,
February 5, 2019

Benchmarking Contractor Financial Statements Leads to a Wealth of Information

By Deepa Bhat, CPA, Principal
ASL Construction Group

As we head into another busy tax season, I am mentally preparing myself to answer questions from my contractor clients on how they stack up within their industry and against their peers. Lucky for me, I have access to industry benchmarking data that makes my client conversations productive and informative. In addition, as a bonus, the benchmarking reports provide a deep insight into the Company’s present and, often, their future. (more…)

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Categories: Construction Corner, Winter 2019
Tags: Benchmarking, construction companies, Deepa Bhat, financial statements,
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