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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,
August 23, 2018

Red Flags on a Contractor’s Work in Progress Schedule

By Deepa Bhat, CPA, Principal
ASL Construction Group

It is a well-known fact that best in class contractors prepare a work in progress (WIP) schedule on a regular basis. Not only does this practice allow the users of the financials, such as lenders and bonding companies, identify early warning signs, it enables contractors to better measure their progress on jobs and be proactive in seeking change orders and contract revisions. As a constant reviewer of contractor financials, I have found the following most common red flags on WIP schedules that are worth mentioning: (more…)

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Categories: Construction Corner
Tags: Construction, Deepa Bhat, overbillings, underbillings, WIP schedule, Work in progress,
May 9, 2018

Contractor Financial Statements – How to Identify Warning Signs Before It’s Too Late

By Deepa Bhat, CPA, Principal
ASL Construction Group

It is not unusual for contractors to go through an entire fiscal year anticipating healthy profits only to end the year in a significant loss position. Here are some tips to identify and correct potential issues before they derail the Company’s financial performance: (more…)

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Categories: Construction Corner, Spring 2018
Tags: construction companies, Contractor Financial Statements, Contractors, Deepa Bhat, WIP,
By Deepa Bhat
•
March 15, 2018

Look Before You Leap - Understanding Some Unique Accounting Rules

In the last couple of years, I have witnessed several of my private company clients reorganize their operations, through either a merger, an acquisition or a significant management member buyout. While such situations provide a great stage for all to display their accounting chops, they also present us an opportunity to consult with our clients and help them avoid an accounting faux pas or burdensome and unnecessary disclosures caused by an inadvertent accounting election. So, in no specific order, I thought I would summarize some of the unique accounting issues I’ve encountered in such situations and how to navigate them: (more…)

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Categories: The Musings of our Authors, Updates & Alerts
Tags: acquisition, acquisition costs, Debt issuance costs, Deepa Bhat, merger, pushdown accounting,
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