PKF Texas - The Entrepreneur's Playbook®

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.


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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?”


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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.


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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.


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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

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.
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Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back once again with Nicole Riley, one of our audit senior managers and one of the faces of PKF Texas’ Not-for-Profit team. Nicole, welcome back to the Playbook.

Nicole: Great to be back.

Jen: So, I’ve heard you in presentations talk about the functional expense schedule for not-for-profits. What is this and what do not-for-profits need to know about it?


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Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I am back once again with Marty Lindle, one of our audit directors and one of the faces of PKF Texas’ Broker-Dealer team. Marty, welcome back to the Playbook.

Marty: It’s nice to be here.

Jen: So, we’ve talked a little bit about what’s in the eighth annual report. Now, is there anything new coming up on the horizon that’s not in there already?

Marty: Well, the SEC and Congress still haven’t issued the final rules for an inspection program, so we’re still in the interim program.


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Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Nicole Riley, an audit senior manager and one of the faces of the PKF Texas Broker-Dealer team. Nicole, welcome back to the Playbook.

Nicole: Great to be back.

Jen: So, the last time you were here we discussed FINRA and the SEC in relation to broker-dealers. Are there common issues that FINRA tends to find when they’re looking at broker-dealers?

Nicole: One of the more common things that we continue to see coming out of these audits that they’re doing, even though the rules have been around since 2003, are issues with expense sharing agreements.


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