Search results for: danielle supkis cheek

The Small Business Administration (SBA) and Department of Treasury released the Paycheck Protection Program (PPP) Loan Forgiveness Application with detailed instructions on Friday, May 15, 2020.

hands typing on a laptop; image used for a COVID-19 update about the Paycheck Protection Program Loan Forgiveness Application

The SBA form has instructions that include:

  • The option for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
  • Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the coverage period after receiving their PPP loan
  • Instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
  • Implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30, 2020
  • Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined

Future legislation may impact this and other PPP-related guidance. We will continue to monitor possible updates to the PPP Loan Forgiveness Application, promptly advising you should the current contents of the application be revised or amended.

If you have questions about PPP-related matters, please connect with your PKF Texas Entrepreneurial Advisory Services team members.

Byron Hebert, CPA, CTP
Practice Leader/Director, EAS
BHebert@PKFTexas.com
(713) 860-1455

Sam Razmandi, CPA
Director, EAS
SRazmandi@PKFTexas.com
(713) 860-5442

Matt Goldston, CPA, CVA, CM&AA
Director, EAS
MGoldston@PKFTexas.com
(713) 860-5439

Danielle Supkis Cheek, CPA, CFE, CVA
Director, EAS
DCheek@PKFTexas.com
(713) 860-5422

Additionally, we are keeping PKFTexas.com/COVID-19 up-to-date with information and resources to assist you as we all navigate these quickly-changing times.

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Danielle Supkis Cheek, one of the faces of our fraud and forensics team. Danielle, welcome back to the Playbook.

Danielle: Thank you again for having me.

Jen: So, I’ve heard a little bit about treasury management. What do you do in that space, and what does that look like?

Danielle: Treasury management is just a fancy word for “banking services.” You’ll be able to reach out to your banker and find out what treasury management services they have, but it’s kind of the services that the bank offers you as a business customer typically.

Continue Reading How Treasury Management Can Help Protect Your Business

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Danielle Supkis Cheek, a director and one of the faces of our data analytics team. Danielle, welcome back the Playbook.

Danielle: Thank you again.

Jen: So, in this era of technology, and I mentioned in the intro—data analytics. One of the pieces that is data visualization. What are you seeing in that space, and how do you work with clients on that?

Danielle: Yeah, so, data visualization is what sounds like a scary term—people don’t really exactly know what it is—it pretty much is a fancy word for “pictures of graphs.” Just summering up data in a graph or a picture of some sort. A lot of people still seem to be very afraid to start, very afraid of, “What do I need to invest?” and afraid of, “What do I need to do?”

Continue Reading What is Data Visualization and How to Get Started

Jen: This is PKF Texas the Entrepreneurs Playbook. I’m Jen Lemanski, and I am back again with Danielle Supkis Cheek, a director and one of the faces of our PKF Texas Consulting team. Danielle, welcome back the Playbook.

Danielle: Always happy to be here.

Jen: So, we’ve had a few other directors in here talking about lease accounting, and I know the standards have changed a little bit since the last time we had—I think it was Chris Hatten was here. Can you give us a little bit of an overview about what’s happened with the delayed lease accounting standards?

Danielle: Yeah sure. The AICPA’s Technical Issues Committee actually wrote an unsolicited letter to the FASB requesting an extension related to… it was really mainly tied to… that we have a lot going on with the Revenue Recognition implementation, I think we talked about the past. And then adding it to the leases, the leases can change your balance sheet a lot, and I think we’ve had a lot of people talking about the implications to your balance sheet of the actual standard, that it can impact your covenants or various ratio analysis.

Continue Reading Get Started on Lease Accounting Now!

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m here with Danielle Supkis Cheek, a director in our Entrepreneurial Advisory Services group. Danielle, welcome back to the Playbook.

Danielle: Thank you for having me again.

Jen: I know revenue recognition is a hot topic right now; we’re getting ready to go into audit season. What are some trends you are seeing where clients need to get ready since it’s kind of a new thing that they should be ready for?

Danielle: A lot of clients, particularly certain industry types, have a tendency to kind of not dismiss revenue recognition, but they don’t perceive it as large of an impact. There’s a lot of areas where the revenue recognition rules effectively didn’t change too much, but there’s some really specific nuances that did change, as well as the auditors are going to be looking at how did somebody assess to see if it changed or not. So even in industries that didn’t change very much, there is a certain amount of documentation that needs to be in place for the company having assessed it.

Continue Reading How Revenue Recognition Impacts Companies

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Danielle Supkis Cheek, a director on our Entrepreneurial Advisory Services team. Danielle, welcome back to the Playbook.

Danielle: Thanks for having me again.

Jen: So a few episodes back we talked about revenue recognition. Another one of our directors has also talked about it. What are the steps a company needs to take for revenue recognition?

Danielle: The actual standard has five steps that you need to take. From an operational standpoint, you’ll have to figure out what operations you need and how this changes things to see if you need operational steps.

But from a pure, “What does the standard require?”

  • Step one: you actually have to identify – do you have a contract or not, and what is the contract?
  • Then within the contract you have to identify the specific performance obligations. It can get a little tricky – are you delivering the walls of a house and a foundation or an entire house?
  • Then what you need to do is actually determine the transaction price; sounds simple but sometimes with contingent consideration, it can get pretty tricky.
  • Then you allocate that price to the specific performance obligations. Okay, you with me?
  • And then you get a recognized revenue at the very end – step five.

Jen: Great. Thanks for sharing those five steps with us, and I know we can find it at PKFTexas.com on our Revenue Recognition Central. Is there going to be more content coming soon?

Danielle: Of course. It’s an ever-changing standard and an ever-changing area, so yeah, we’re going to keep it updated.

Jen: Perfect, thanks. For more about this topic, visit PKFTexas.com. This has been another Thought Leader production brought to you by PKF Texas The Entrepreneur’s Playbook. Tune in next week for another chapter.

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, this week’s host, and I’m here today with Danielle Supkis Cheek, a Director on our Entrepreneurial Advisory Services team. Welcome back to the Playbook, Danielle.

Danielle: Thanks. Thanks for having me again.

Jen: So, we’ve done a series of accounting pronouncements from several of our other directors. What’s your perspective on some things that have been released recently?

Danielle: My big concern is actually the interplay between the various pronouncements. The pronouncements that we have coming out, particularly revenue recognition and the lease standards, are going to impact every single piece of the balance sheet, fairly simultaneously, within a one to two-year period. Continue Reading Best of… How Revenue Recognition and Lease Standards Can Affect Your Balance Sheet

International Fraud Awareness Week is nearly over, but that doesn’t mean the conversations and actions stop. Do you have all the information you need to take the steps for fraud prevention? The Association of Certified Fraud Examiners (ACFE) has an abundance of free resources for you to learn what you can do.

International Fraud Awareness Week 2019 logo; a blue crescent moon-shape with the words "international fraud awareness week" in the top right cornerBecause fraud has a high cost – estimated at $3.7 trillion each year – the ACFE has provided content that focuses on providing insight and cost-effective tips for businesses and organizations to prevent fraud from happening. Some of the resources ACFE has available on their website include:

  • Fraud Prevention Checklist
  • “5 Fraud Tips Every Business Leader Should Act On”
  • Fraud Prevention Check-Up
  • Anti-Fraud Technology Benchmarking Report

For more information and resources from ACFE, visit www.fraudweek.com and www.acfeinsights.squarespace.com.

PKF Texas is a strong supporter of anti-fraud efforts and education and continues to work in the fraud and forensics sector with two Certified Fraud Examiners on our team:

To learn more about our services and how our team can help co-create and co-develop solutions with you, visit www.PKFTexas.com/Forensics.

In response to the American Institute of Certified Public Accountants Private Companies Practice Section’s Technical Issues Committee (TIC) request letter from May 13, 2019, the Financial Accounting Standards Board (FASB) has voted to delay effective dates for three major standards for private companies and certain other entities. These standards include accounting for leases, credit losses (known as CECL) and hedging activities.

through a window, several black rolling chairs sit around a wooden table, a meeting room, maybe for FASB voting on delaying major standards

Currently, an Accounting Standards Update (ASU) is being drafted, which will change the effective dates. This will be issued after a formal written ballot by the board, expected to occur in November. FASB members shared that one of the advantages of the delay is to “allow preparers with limited resources to learn from the implementation performed by large public companies that possess more staffing and resources.”

Continue Reading Under FASB Vote, Effective Dates for Three Major Standards are Delayed

professional headshot of Danielle Supkis Cheek, a brunette woman wearing glasses with her hair pulled back smiling at the cameraWe have more exciting news! One of our Directors, Danielle Supkis Cheek, CPA, CFE, CVA, has been named a “40 Under 40” by CPA Practice Advisor. This is her sixth time receiving recognition for this award.

The 40 Under 40 Awards spotlight top practicing public accountants, educators and thought leaders, who are leading their profession by visibly and incrementally changing the accounting through exemplary leadership, innovative thinking, collaborative efforts to provide unity across generations and community outreach, which extends visibility of the profession outside the workplace.

This is the most recent of several honors Danielle has received this year, including:

Danielle is a Director in PKF Texas’ Entrepreneurial Advisory Services team and is the face of the fraud and forensics team. She is passionate and enthusiastic about her work, which will continue her drive for innovation in our firm, as well as the accounting industry. Currently she is the chair of the AICPA PCPS Technical Issues Committee (TIC).

To learn more about Danielle Supkis Cheek, visit www.PKFTexas.com.