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Clancy Fossum

Recent Posts

5 Things to Think About For Your Upcoming Financial Transaction

Clancy Fossum . March 21, 2019

Financial transactions like a merger or acquisition, carve-out, divestiture, or IPO can play a pivotal role in your company’s future as long as you adopt a well-informed approach that vastly increases the odds of a successful transaction. Such an...

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Tagged: IPO, accounting tips, M&A activity

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3 Strategies To Help You Through High-Growth

Clancy Fossum . March 19, 2019

While no two companies are ever alike, there are common threads in strategies for high growth enterprises that are consistent across many different industries and environments. Embark learned this lesson while experiencing our own recent growth...

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Tagged: hypergrowth

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Accounting Month-End Close Checklist and Best Practices

Clancy Fossum . March 07, 2019

Take a stroll through your accounting department as the end of the month approaches and you might just notice a palpable tension in the air. Pulses quicken, patience shortens, and pupils dilate as your highly qualified team dives into yet another...

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Tagged: accounting tips

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Lease Classification with Multiple Lease Components

Clancy Fossum . February 28, 2019

Leases come in all shapes and sizes. Some are as plain vanilla as, well, vanilla. Others have many moving parts and lease assets, making them more complex and requiring additional attention and care to avoid angering the accounting gods. And as...

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Tagged: Leases, Lease Accounting

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The Differences Between an AICPA Audit and PCAOB Audit

Clancy Fossum . February 26, 2019

Chocolate chip cookies might look like their oatmeal raisin cousins from ten feet or so, but your taste buds will always beg to differ. Things that look, sound, or even act the same often have significant differences between the margins....

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Tagged: financial audit, PCAOB, AICPA

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Preparing For The Current Expected Credit Loss (CECL)

Clancy Fossum . February 21, 2019

Accountants can’t afford to let their collective guard down these days. They need to have eagle eyes perched atop a perpetually swiveling neck to navigate the steady stream of changes rolling downhill from Mt. FASB. And as if the changes to ...

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Tagged: commercial banking, CECL

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Critical Audit Matters and The Impact on PCAOB Audit Opinion

Clancy Fossum . February 19, 2019

You could look at auditing as a process or function that is immobile and inflexible. But you’d be wrong. The truth is, auditing is as dynamic as the organization’s it helps provide focus and boundaries for. To prove our point, Embark looks...

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Tagged: financial audit, PCAOB

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Why PCAOB’s Critical Audit Matters… Matter

Clancy Fossum . February 14, 2019

Embark prides itself at being on the forefront of change in an industry too often view as static and inflexible. As anyone on the frontlines of accounting, finance, or auditing will tell you, our industry is evolving at a rapid clip, so rapid...

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Tagged: financial audit, PCAOB

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New ASC 842 Lease Accounting Standards, Debt Covenants, and You

Clancy Fossum . February 05, 2019

Believe it or not, the new lease accounting standards are not unlike those pesky word problems you used to loathe in high school algebra. If you’ll recall, the more complex of those word problems required you to read each and every word...

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Tagged: Lease Accounting, ASC 842, debt agreements

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Preparing For Your First AICPA Audit

Clancy Fossum . January 29, 2019

Certain words or names have a way of invoking immediate fear upon hearing them. Broccoli. Calculus. Hasselhoff. Warranted or not, audit falls into this same category, packing quite a punch with just two short syllables. If left unchecked, it can...

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Tagged: financial audit

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