Speaker Bio: Mr. Wendroff founded Wendroff & Associates, CPA eight years ago with one founding principle: To truly be considered a Small Business Owner's Most Trusted Adviser, CPA's have to offer more than compliance.
Being an Entrepreneur is risky, we know it. That is why we take our responsibility to business owners as their trusted adviser to the utmost importance. Along with tax preparation services to ensure your business is compliant with all government standards, we create tax strategies to grow your business, and we develop your resources by connecting you with our vast network of experts in the banking, insurance, legal and financial industries. Also, we strive to provide your company with the most effective CFO consulting to maximize efficiency and profitability.
With that one guiding principle, our firm has not only grown each year, but more importantly we've also helped entrepreneurial business owners grow their businesses and reach beyond their goals. At Wendroff and Associates, CPA we measure our success by your success.
Specialties: Helping Entrepreneurs Grow their Businesses, Government Contractors, Associations, Non-Profits, Real Estate Companies, Medical Offices, Law Firms, Professional Service Companies, Franchises, S-Corps, C-Corps and Individual Tax Preparation â€‹
Time : Doors open at 10:45, Meeting 11:00 - 1:00
A complimentary lunch will be provided.â€‹ more info...
Please join Northern Chapter VSCPA for an evening meeting to discuss the following topics:
Credit loss standards – What public companies have done to prepare for 2020 Compliance and what we can learn from them
FASB has delayed the implementation date for non-public companies, but the amended standard, ASC Financial Instruments—Credit Losses (Topic 326), provides an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. The presentation shares the burden and opportunity the amended standard creates for companies, along with the lessons learned from early change adoptees.
The Path Forward for Leasing – ASC 842
While FASB has decided to delay implementation of the new standard for many filers, e.g., non-public filers, the delay does not alleviate the immediate need for many companies to begin to analyze and assess the planned changes to their accounting for leases. Commentators consider the changes to ASC 842 substantial. The new rules for leases adopt a principles-based approach and replaces the prior lease guidance that requires organizations to recognize a right-of-use asset and lease liability for most leasing arrangements. This presentation is designed to share key provisions of the new standard and how to apply the standard to various lease scenarios, and the reporting and disclosure requirement implications to financial statements.
Speakers: Chase Wright, CPA, Partner, Assurance and Advisory Services, Cherry Bekaert LLP, Nashville, TN
Kevin Swatt, CPA, Manager with Clifton Larson Allen LLP (CLA), Arlington, VA
2 CPE credits offered
Registration opens at 4:00, refreshments and beverages served