LMGW Receives Highest Rating in 2015 Peer Review Report

LMGW Certified Public Accountants, LLP has received a rating of “pass” related to the system of quality control for the accounting and auditing practice in its most recent peer review. Pass is the highest rating a firm can receive. The peer review program is dedicated to enhancing the quality of accounting, auditing and attestation services performed by CPAs in public practice. Peer reviews are required every 3 years. For our clients, this ensures that LMGW is providing the highest quality service. For a copy of our latest system review report please click the link below:

Peer Review Report – 2015

New Accounting Standards for Revenue Recognition

The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) have approved new accounting rules on recognizing revenue in customer contracts.  The new rules are principles-based, eliminating most of the industry specific revenue recognition guidance by generally accepted accounting principles in the United States of America. This change will remove inconsistencies in existing revenue recognition standards and improve comparability of revenue recognition practices over a range of industries and geographic boundaries to provide more useful information to users of financial statements.

Read more

LMGW Receives Highest Rating in Peer Review Report

LMGW Certified Public Accountants, LLP has received a rating of “pass” related to the system of quality control for the accounting and auditing practice in its most recent peer review. Pass is the highest rating a firm can receive. The peer review program is dedicated to enhancing the quality of accounting, auditing and attestation services performed by CPAs in public practice. Peer reviews are required every 3 years. For our clients, this ensures that LMGW is providing the highest quality service. For a copy of our latest system review report please click the link below:

Peer Review Report – 2012

Private Company Council Established

In 2009 a study was conducted to address how the accounting standards can meet the financial statement reporting needs of US private companies. The study found that accounting principles generally accepted in the United States of America (GAAP) often address issues that are not relevant to smaller, less complex companies, including those that are not public. Some of the most costly and complex standards to implement for a small business were the least relevant and least useful for the reader of the financial statements. 

Many small private companies are normally only required to file income tax returns but lenders and bonding companies are requiring GAAP financials which the companies do not have the accounting resources to prepare. The cost of preparing the GAAP financials for these small private companies often exceeds the benefits.   

The newly established Private Company Council will work directly with the Financial Accounting Standards Board (FASB) to give recommendations of various modifications to GAAP that would be considered beneficial for the small private company. During the first few years the council will meet several times during the year and will be open to the public. Stay tuned for updates on changes to the financial statement reporting standards for private companies as the Private Company Council implements its recommendations.

LMGW Receives Highest Rating in Peer Review Report

LMGW Certified Public Accountants, LLP has received a rating of “pass” related to the system of quality control for the accounting and auditing practice in the most recent peer review.  Pass is the highest rating a firm can receive.  The peer review program is dedicated to enhancing the quality of accounting, auditing and attestation services performed by CPAs in public practice.  Peer reviews are required every 3 years.  For our clients, this ensures that LMGW is providing the highest quality service.  For a copy of our lastest system review report, please click the link below:

Peer Review Report – 2009