/Amit Jain
About Amit Jain
Amit Jain, CPA is a Principal in the Gumbiner Savett Audit and Accounting Department. He specializes in working with privately held clients in the consumer finance, distribution, entertainment, retail and manufacturing industries.

Facilitate an efficient and timely audit with frequent communication between internal and external auditors

By |2019-03-22T21:24:45+00:00January 8th, 2019|Categories: Blog|Tags: , , , |

  External audits aren’t required for every business. But whether required or not, they can provide lenders and investors with assurance that your financial statements are free from material misstatement and prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). How can you help facilitate efficient, timely audit fieldwork? The keys are frequent communication [...]

Start with a post M&A audit to help with transition

By |2020-04-07T22:13:18+00:00December 21st, 2018|Categories: Blog|Tags: , , , , , |

So, you’re about to merge with another company. What’s next? The integration process typically starts with audited financial statements that reflect the results and financial position of the combined entity. This exercise requires a close partnership between the external audit team and in-house accounting personnel from both companies. Collaboration is key to a seamless [...]

Accounting News: FASB Issued Proposal for Consolidation of Variable Interest Entities

By |2017-07-25T00:25:38+00:00July 25th, 2017|Categories: News|Tags: , , , , , , , |

On June 22, 2017 FASB proposed an Accounting Standards Update (ASU) to simplify and improve financial reporting associated with consolidation of variable interest entities (VIEs) for private companies. Concerns: Private company stakeholders, Private Company Council (PCC), continue to express difficulty in applying VIE guidance to common control arrangements and requested that FASB address certain areas [...]

Borrowers to Experience New Revenue Recognition Reporting

By |2017-05-24T13:42:14+00:00November 11th, 2015|Categories: Tax Planning|Tags: , , , |

In Mid-May of 2014, a new accounting standard titled, Revenue from Contracts with Customers, was issued. The standard provides a unified set of principles for recognizing revenues — replacing the current mishmash of more than 80 industry-specific revenue-recognition rules.

What type of financial assurance does a lender really need?

By |2017-05-24T13:42:16+00:00July 1st, 2015|Categories: Audit & Accounting|Tags: , , |

Financial statements help lenders evaluate an organization’s performance and determine its ability to repay debt. But all financial statements aren’t subject to equal levels of analytical procedures, inquiry or testing by an outside accounting professional. In order of increasing level of rigor, CPAs offer three types of financial statements: compilations, reviews and audits. This article discusses what each can and can’t do and which one is appropriate for a given type of borrower.

Private Company Variable-Interest Entity (VIE) Alternatives for Lease Arrangements Endorsed by FASB

By |2017-05-24T13:42:26+00:00February 26th, 2014|Categories: Audit & Accounting|Tags: , , , , |

On Wednesday February 19, 2014, the FASB endorsed a GAAP alternative for private company variable-interest entities (VIEs) lease arrangements. The exemption is expected to be written into existing US GAAP for private companies in late March 2014. The exemption allows a private company lessee to elect not to apply VIE consolidation only if: The lessor [...]

Private Companies May Receive A Break on Variable-Interest Entity (VIE)

By |2017-05-24T13:42:32+00:00August 28th, 2013|Categories: Audit & Accounting, News|Tags: , , , |

The Financial Accounting Standards Board (“FASB”) issued a draft on August 21, 2013 proposing an alternative within U.S. GAAP that would address a common source of frustration for private companies and their financial statement preparers. The FASB exposure draft would exempt many private companies from the requirement to apply variable-interest entity (“VIE”) consolidation guidance to [...]

Big GAAP vs. Little Gap – An Update

By |2017-05-24T13:42:41+00:00August 27th, 2012|Categories: Articles, Audit & Accounting|Tags: , , , , , |

In May 2012 the Financial Accounting Foundation (FAF) announced it was creating a Private Company Council (PCC) to improve the process of setting accounting standards and identifying and voting on differences in U.S. GAAP for private companies.   The two primary responsibilities of the PCC will be: To determine whether exceptions and modifications to existing [...]

Big GAAP vs. Little GAAP

By |2019-06-07T00:41:29+00:00August 29th, 2011|Categories: Articles, Audit & Accounting, News|

Big GAAP and Little GAAP Private companies need modified standards, not separate rules — private companies have long argued that U.S. Generally Accepted Accounting Principles (GAAP) are too expensive to apply and that the results are often of marginal benefit to end users. In December 2009, the American Institute of Certified Public Accountants and [...]

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