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February 12, 2019

Abbott, Stringham & Lynch Announces Partner and Director Promotions for 2019

San Jose, CA (February 12, 2019) – Abbott, Stringham & Lynch (ASL), one of the largest local CPA firms in Silicon Valley, is proud to announce that Jyothi Chillara has been promoted to Tax Principal, Josh Cross has been promoted to Audit Principal and Chris Madrid has been promoted to Tax Director, effective January 1, 2019.

In making the announcement, Abbott, Stringham & Lynch’s Managing Partner, Ray Scheaffer, said, “We are excited to welcome Josh and Jyothi to the partnership group. In addition, we are pleased to announce Chris’ promotion to Tax Director. Their expertise and exceptional leadership will continue to support and contribute to our firm’s growth and commitment to delivering superior quality and service.” (more…)

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Categories: Winter 2019
Tags: Chris Madrid, josh cross, Jyothi Chillara, Promotions,
April 5, 2018

Revenue Recognition Under the New Standards – Where to Start?

By Josh Cross, CPA, Principal
ASL Construction Group

Sometimes the hardest part of any major implementation project is figuring out where to start.

How about we start with trying to identify the most appropriate implementation method for your construction company.  One of the questions we get all the time is: Which implementation method is best for my company?  Unfortunately, there is no universal answer, but we will give you some insights into what we are hearing within the industry. (more…)

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Categories: Construction Corner, Revenue Recognition
Tags: construction companies, full retrospective adoption, josh cross, modified retrospective adoption, Revenue Recognition,
By ASL Guest
•
January 4, 2018

Revenue Recognition Update – Step 5: Recognizing Revenue When (Or As) the Entity Satisfies a Performance Obligation

By Josh Cross, CPA, Principal

After all the research and analysis put in working through the prior four steps, you are now able to begin the process for recognizing revenue for the transaction price (Step 3) which has been allocated to each performance obligation (Step 4).

Each performance obligation identified in Step 2 can be satisfied by either the transfer of a promised good or by performing a service to the customer. This distinction will be the main driver for the next decision that needs to be made, and that is, whether the revenue needs to be recorded over time or at a point in time. For a good majority of the identified performance obligations, a good or service will be transferred/consumed over a period of time and therefore revenue would be recognized over that same time period. ASC 606 has helped in this analysis by providing guidance, so to recognize revenue over time, one of the following criteria needs to be met: (more…)

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Categories: Revenue Recognition, The Musings of our Authors, Updates & Alerts
Tags: ASC 606, Input method, josh cross, Output method, Performance Obligations, Revenue Recognition,
By ASL Guest
•
November 8, 2017

Revenue Recognition Update – Step 3: Determine a Transaction Price

By Josh Cross, CPA, Principal

Now that all of the performance obligations (Step 2) of the contract have been separately identified, it’s time to determine a transaction price. Seems easy, right?

ASC 606 defines the transaction price as “the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties (for example, some sales taxes).” On the surface this sounds like an easy step for your entity to identify the price you are selling a product for, but in practice we know that not all transaction prices are fixed at the onset of the contract. When calculating the transaction price, an entity needs to consider all of the following: (more…)

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Categories: Revenue Recognition, The Musings of our Authors, Updates & Alerts
Tags: ASC 606, FASB, josh cross, Revenue Recognition, transaction price, variable consideration,
By ASL Guest
•
July 20, 2017

Technology is Transforming the Nonprofit World

By Josh Cross, CPA, Principal 

The landscape of nonprofits is changing and ironically it is looking a lot like the for-profit start-up world. These social entrepreneurs are using the same methods and ideas used by the most successful start-ups in the marketplace today and most of it is centered on harnessing the power of technology. (more…)

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Categories: Business Taxation, Updates & Alerts
Tags: crowdfunding, Data Security, josh cross, nonprofits, online donations, Start-ups, technology,
February 9, 2017

Five Key Performance Indicators That Sureties Watch

By Josh Cross, CPA, Principal 
ASL Construction Group

When surety underwriters review your financial statements, they are looking for evidence of sound financial condition. Every underwriter has its own standards and expectations, but here are five key performance indicators (KPIs) many bonding companies look at closely: (more…)

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Categories: Construction Corner
Tags: backlog, Construction, debt-to-equity ratio, financial statements, josh cross, profit fade, Sureties, working capital,
August 18, 2016

FASB’s Changes to Nonprofit Reporting

By Josh Cross, CPA, Principal 
ASL Nonprofit Group

Recently the men and women at the Financial Accounting Standards Board (FASB) have been busy providing accountants with no shortage of nighttime reading. In the middle of putting the accounting world on its head with the release of the new Revenue Recognition (Topic 606) and Lease (Topic 842) Accounting Standards, the Not-For-Profit Advisory Committee has been hard at work re-tooling the way nonprofits will have to present their financial statements.  (more…)

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Categories: Nonprofits
Tags: ASU No. 2016-14, Changes, FASB, josh cross, Lease Accounting Standards, Nonprofit, reporting, Revenue Recognition, Topic 606, Topic 842,
February 4, 2016

Acts of Kindness Know No Calendar

By Josh Cross, CPA, Principal 
ASL Nonprofit Group 

As the holiday season wraps up and we begin to take down the Christmas tree and put away all of our decorations until next year, one thing we should not pack away until next year is our spirit of giving. Many of us so generously open up our wallets or volunteer our time during the holiday season to help those less fortunate. The holiday season is an important time of year for many nonprofits, especially those small local nonprofits in our communities. Whether it is because we are in the holiday giving spirit or because we want that last minute tax deduction, the holiday giving season can produce between 25-50% of a nonprofits’ annual contribution total in just two months. (more…)

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Categories: Nonprofits
Tags: Acts of Kindess, josh cross, Nonprofit Volunteering, San Jose CPA,

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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.