Insights

Restating Financial Results

In the first half of 2021, there was a surge in financial restatements. The reason relates to guidance issued by the Securities and Exchange Commission, requiring special purpose acquisition companies (SPACs) to report warrants as liabilities. SPACs are shell corporations that are listed on a stock exchange with the purpose of acquiring a private company, thereby making it public without going through the traditional IPO process. Historically, SPACs that offer warrants (which allow investors buy shares at a set price in the future) have reported those instruments as equity.

Alex Bogopolsky Joins DLA as Managing Director, Accounting Advisory

DLA, LLC (“DLA”), an Internal Audit, Accounting & Corporate Finance Advisory Firm headquartered in the New York Metro area, with additional offices in Boston and Central New Jersey, is excited to announce the addition of Alex Bogopolsky as Managing Director in the Accounting Advisory practice. Alex joins the Firm with more than three decades of technical accounting experience stemming from his auditor and consultant roles at the Big 4 and industry. “Alex will be an exciting addition to the DLA family,” stated DLA’s Founder and CEO, David Landau. “His technical accounting experience and background complement our rapidly growing Accounting Advisory group.”

Post-Mortem of Revenue Recognition Rules

The Financial Accounting Standards Board (FASB) recently conducted a post-implementation review of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606). The rules were issued in 2014 but took effect in 2018 for public companies and in 2019 for private companies.

Yelena M. Talmazan Joins DLA as Managing Director, Internal Audit

DLA, LLC (“DLA”), an Internal Audit, Accounting & Corporate Finance Advisory Firm headquartered in the New York Metro area, is excited to announce the addition of Yelena M. Talmazan, MBA, CIA, CISA as Managing Director in the Internal Audit practice. Yelena joins the Firm as a seasoned audit and business executive with over 23 years of experience in the financial services, consumer business, and technologies industries.

FASB Proposes Last-Minute Change to Lease Accounting Rules

On June 16, the Financial Accounting Standards Board (FASB) issued a proposal that would enable private companies to have a more flexible approach when using a discount rate to measure lease liabilities. The discount rate directly impacts the lease liability that companies record on their balance sheets, and the proposed tweak would be a helpful simplification.

DLA, LLC Announces 2021 Mid-Year Promotions

DLA, LLC (“DLA”), an Internal Audit, Accounting & Corporate Finance Advisory Firm headquartered in the New York Metro area, is excited to announce the promotion of several employees. “Our culture is to promote from within,” stated Founder & CEO David Landau. “Each of these employees have shown hard work, dedication, and commitment to our clients, and we are proud to have them on our team. I have no doubt that they will continue to excel and exceed our expectations in their new roles.”